India’s Axis Bank investment-banking unit co-CEO Negandhi resigns

    Brochures are seen at a branch of Axis Bank in Mumbai

    Brochures are seen at a branch of Axis Bank in Mumbai, India, January 22, 2018. REUTERS/Danish Siddiqui/File photo Acquire Licensing Rights

    NEW DELHI, Sept 15 (Reuters) – The co-CEO of Axis Bank’s (AXBK.NS) investment banking unit Axis Capital, Chirag Negandhi, has resigned, according to an internal memo seen by Reuters on Friday.

    The investment bank will likely tap an outside candidate for Negandhi’s role, two sources with direct knowledge of the matter told Reuters.

    Axis Capital named another co-Chief Executive Salil Pitale as the interim managing director and CEO, as per the memo.

    Negandhi spent more than 13 years at the Axis’ investment banking unit and would continue for three more months, the source added.

    His departure was communicated internally on Friday, the first source said.

    Axis Capital, one of the country’s biggest investment banking firms, has been a part of some successful initial public offerings over the past year, including Cyient DLM (CYIT.NS), Mankind Pharma (MNKI.NS) and Bikaji Foods (BIKA.NS).

    Axis Capital did not immediately respond to a Reuters request for comment. Negandhi declined to comment.

    Reporting by Sriram Mani; Writing by Tanvi Mehta and Sethuraman NR; Editing by Shweta Agarwal

    Our Standards: The Thomson Reuters Trust Principles.

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    Sriram leads Reuters’ deals coverage in India, including reporting and writing on private equity funds, IPOs, venture capital, corporate M&A and regulatory changes. His reportage includes scoops on large transactions as well as deeper analyses and insightful stories on the inner workings of companies, funds and industry trends that fly below the radar. He is a business journalist for five years by training, with a postgraduation from the Asian College of Journalism’s Bloomberg program in financial journalism. He graduated from the course’s inaugural batch. Contact: +919632913911

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