Aashish Kamat will head UBS AG's India unit replacing Manisha Girotra, who will leave the company at the end of the year.
Aashish Kamat joined UBS in June as chairman of financial institutions coverage for the company's investment bank in Asia Pacific. Before UBS, he worked for J.P. Morgan Chase as chief financial officer in Asia. He will be UBS India's chief executive and will be responsible for the bank's India business effective immediately.
Girotra’s exit is the third senior level resignation in India this year from the Swiss bank after Purvesh Shah, the global head of capital markets, and Ganeshan Murugaiyan, head of investment banking, left.
Girotra joined UBS India in 1998 and had led several cross-border deals and equity offerings including advising Unitech's telecom unit on a $1.2Bn stake sale to Norway's Telenor and $763Mn treasury share sale by energy major Reliance Industries last year.
In August, BNP Paribas announced the appoinment of Ganeshan Murugaiyan, former head of India investment banking at UBS, as head of investment banking in India.
UBS' services in India include equity and equity-linked financing, M&A advisory and debt capital market offerings.
UBS global chief executive Oswald Gruebel stepped down in September in the wake of a loss of more than $2 billion in alleged rogue trading.
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