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Indian promise lures Aussie banks

What is it about ABN AMRO employees that’s so irresistible to Babcock & Brown (B&B)? The ASX-listed investment bank has poached ABN’s entire Indian M&A group, having nicked its infrastructure team 18 months ago.

ABN staff might well be desirable, but this latest raid was motivated more by location: India. While outsourcing retail support roles to the sub-continent is common, we are now starting to see banks, including B&B and Macquarie, ramping up front-office teams in India.

Macquarie is hiring in retail and structured products, appointing Irfan Khan, ex-head of structured products at Citigroup in Sydney, for its Indian structured products distribution.

And Macquarie is not alone. Sean Glover at Westpac Institutional Bank says: “We see India as a growth area for us, and we are looking to strengthen our presence there.”

JPMorgan’s COO, David Miles, adds: “Mumbai is one of JPMorgan’s largest offices in the world, focusing on global support and local banking activities.”

“The market is massive,” says Oliver Darkes at recruiter Carmichael Fisher, “especially in property and infrastructure, and it needs billions for development.”

Australian infrastructure funds are already there, including AMP Capital, which now has an India fund, says Christine Kwan from Derwent Executive.

And ABN is looking to rebuild after the shock staff losses: “ABN AMRO’s M&A business, which is booming off the back of the strong Indian economy, has moved quickly to plug the gaps through internal transfers, but it’s nonetheless on the lookout for one or two senior transactors,” says a spokesman for the bank in India.

Comments (5)

  1. if you going to asia then Singapore and HK are still the prime destination – I don’t know any one who would consider a job in India

  2. Well as the west is giving away its technology industry to India, and its manufacturing to China (therefore ensuring its ultimate downfall in the long run) those who can earn an extra crust by moving to India to help give our heritage away – good luck!

    After all, all this is powered by greed – those who own equity are the winners – those that don’t, sooner or later will be out of a job!

  3. India and China are two most economic happening places in the world; and threatned US domination the first time; people who want to be a part of these happenings; they will surely make their choice.

    HK is the most expensive city in the world today, for the expatriate, Singapore is sometime more expensive than NY; wonder how many would dare to move to these countries unless backed by very high profile job.

  4. Though US is still ruling the world economy; but good sign is that the dependecy is slowly but steadily fading; 50 % of Chienese Manufacturing export business is to other countries in Europe or South East Asia and that way 50% of Indian offshore technology business is generated from Europe or South East Asia; and this rate is growing.
    Other way US dependency on India and China is becoming high and higher as the U.S. needs cheap imports from China and India to balance out the inflation created by its asset-speculation based economy.
    India and China quickly is becoming a force in nearly every basic industry, either as a maker or user.

    The world is becoming FLAT.

  5. Benny why would anyone consider a job in SG or HK?

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