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regular-article-logo Wednesday, 17 April 2024

ICICI ramping up recruitments over expectations of boom in fundraising by companies

A Bloomberg report said it is planning 15 new hires in its investment banking division this year to boost the mergers and acquisitions, private equity and fundraising practices

Our Special Correspondent Mumbai Published 10.01.24, 09:25 AM
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At a time the IPO market is buzzing with activity, ICICI Bank is reportedly ramping up its hiring on expectations that fundraising by companies will hit a record high in 2024 and 2025.

A Bloomberg report said it is planning 15 new hires in its investment banking division this year to boost the mergers and acquisitions, private equity and fundraising practices.

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It will also add another 15 in sales, trading and research, the report said while quoting Ajay Saraf, head of investment banking and institutional equities. The positions being filled up range from associate to executive vice-president level, with most of the senior hires coming from rival banks, Saraf said.

He added that over the next 3-4 years the country could see a strong deal activity, both on the private and public side with India becoming a very favourable investment destination. The addition will see the headcount at ICICI Securities’ increasing to 190.

In November last year, ICICI Bank had received approval from the RBI to make ICICI Securities its wholly owned subsidiary.

According to a recent report from LSEG Deals Intelligence, formerly Refinitiv, deal-making hit a three-year low after falling 51 per cent to $83.8 billion in 2023. It pointed out that if it was not for the HDFC-HDFC Bank merger, the number would have been down by another 23 per cent.

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