In your interest.
Online Personal Finance Magazine
No beating about the bush.
Morgan Stanley has appointed the former Axis Bank chief as its new country head and chief executive for India
Global financial services major, Morgan Stanley, has appointed former Axis Bank chairman PJ Nayak as its new country head and chief executive for India.
The appointment is a part of Morgan Stanley's continuous expansion in India and further investment in its operations here, the company said in a press release.
Mr Nayak will join Morgan Stanley on 5th April and will be based in Mumbai, Morgan Stanley said.
Mr Nayak, who was instrumental in growing the business and presence of Axis Bank from less than 50 branches to over 800, served as the chairman and chief executive of the bank from January 2000 till April 2009.
Presently, he is serving as an operating partner at Advent International Private Equity and as a non-executive chairman of Motilal Oswal Asset Management Co.
In 2009, Mr Nayak became a member of the Technical Advisory Committee for Monetary Policy of the Reserve Bank of India, the release said.
"We are delighted that Jayendra Nayak will be joining Morgan Stanley to lead our operations in India. The firm will also benefit from his senior relationships in India and his government experience," said Morgan Stanley Asia chief executive Owen Thomas.
Morgan Stanley operates from more than 1,200 offices in 37 countries.