Neelkanth Mishra, co-head of Asia Pacific strategy at Credit Suisse Group AG, has resigned from the financial services firm and is set to join Mumbai-based Axis Bank Ltd., sources familiar with the matter told Bloomberg. According to the report, Mishra, a veteran of two decades at the Swiss bank, has agreed to lead Axis Bank’s research department, the sources have said.
The hiring is part of Axis Bank Chief Executive Officer Amitabh Chaudhry’s plans to bolster various businesses, including wealth management and investment banking business of the lender, whose share price touched a record high earlier this year. The financier had also completed the acquisition of Citigroup Inc.’s India retail banking business for $1.4 billion earlier this month.
Currently based in Mumbai with previous positions in Singapore and Taipei, Mishra also advises businesses and has been part of the Economic Affairs Council of the Confederation of Indian Industry for the past few years. He is a gold medallist from the Indian Institute of Technology (IIT), Kanpur, graduating in computer science and engineering.
A spokesperson for Axis Bank declined to comment, while Credit Suisse spokespersons didn’t respond to emails and phone calls seeking comment on Mishra’s resignation. Mishra didn’t respond to an email and text messages seeking comments.
Switzerland’s second-largest lender has been pummelled over the last several years by a series of blow-ups, scandals, leadership changes and legal issues, and several senior bankers have exited in recent months. Ashish Gupta, the former head of India equity research at Credit Suisse, joined Axis Mutual Fund as chief investment officer, an exchange filing showed earlier this month.
Mishra is part of the Economic Advisory Council to the Prime Minister of India and has been an advisor to several government committees like the Fifteenth Finance Commission and the India Semiconductor Mission, according to the Credit Suisse’s website.