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RBS Brings In Banking Veteran To Ramp Up Indian Equities Presence

Vanessa Doctor

28 April 2011

The Royal Bank of Scotland Group has named Devesh Kumar to the newly created role of head of equities for India.

Kumar brings over 20 years of banking experience to this new post, having worked for the likes of ICICI Securities, ABN Amro, Daewoo Finance India, and Unit Trust of India. He joins the company from Fortune Financial Services India, where he has served as chief executive since February 2010.

At RBS, Kumar will be responsible for cash equities, research and sales, equity derivatives, and equity financing in India. Based in Mumbai, he reports jointly to Peter Irvine, the head of Asia-Pacific equities, and Ramit Bhasin, the head of markets for India.

The firm has been actively bulking up its key business areas of wholesale banking, investment banking, transaction services, and private banking since it sold off its non-core businesses to HSBC in 2010.

"India is a core market for the RBS Group and we see huge growth potential here," said Bhasin in a media release.

"Devesh will play a key role in our plan to make RBS a top ten equities house in the market," he added.