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May 3, 2001
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Money > Business Headlines > Report May 3, 2001 |
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Ahuja takes the reins at BankAmBanking Bureau Vishwavir Ahuja has taken over as country manager, Bank of America, succeeding Arun Duggal, with effect from May 1, 2001. Prior to this, Ahuja was head of corporate and investment banking group, Bank of America, in the country. As part of the new business strategy, Ahuja plans to keep it "sound and consistent as it has been all along. "We would be looking at a more judicious balance sheet usage and also increasing our trading, distribution and advisory capacities. The bank has a very focused line of products and plans to expand the product suite in order to fill the existing product gap," he said. Bank of America also plans to open another branch in the country this year. The branch will be located on M G Road, Bangalore, and is expected to be opened in the third quarter of this calendar year. It also plans to open a 100 per cent owned securities subsidiary - Banc of America Securities India Private Ltd. The securities arm will have a phased capital inflow of $50 million. The first tranche of $10.5 million will come in as soon as the arm is operational. "We have already received all the approvals and permissions and have identified the premises as well. We have even gotten our PD license and will bring in the capital in 24 months," Ahuja said. Duggal has been with the bank for the last 26 years, spanning across the US, Japan, Hong Kong and the Philippines. Powered by YOU MAY ALSO WANT TO READ:
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