Goldman Sachs Appoints ICICI Bank's Sonjoy Chatterjee as India Co-Head

Goldman Sachs Group Inc. named ICICI Bank Ltd.’s Sonjoy Chatterjee as managing director and co- chief executive officer of its Indian operations.

L. Brooks Entwistle, who has helmed operations in India for the last four years, will oversee the Indian unit with Chatterjee, New York-based Goldman Sachs said in an e-mailed statement today.

The U.S. lender, which offers investment banking and research services in India, is seeking a license for commercial banking in the world’s second-fastest growing major economy.

Goldman Sachs ranks 16th in managing share sales in India this year, lagging behind rivals such as Citigroup Inc. and Morgan Stanley, according to Bloomberg data. On advising clients on mergers and acquisitions, it ranks 11th, behind Barclays Plc’s investment bank and Standard Chartered Plc, the data show.

ICICI Bank, based in Mumbai, ranked 11th on managing share sales and wasn’t among the top 20 banks in takeover advisory, the data show. Chatterjee had been an executive director at the company since 1997.

India’s second-largest lender appointed Rajiv Sabharwal to the board, according to a filing from the Mumbai-based bank to the Bombay Stock Exchange today. Tushaar Shah was named as a non-executive director, according to the statement.

Billionaire Lakshmi Niwas Mittal, Marti Subrahmanyam and Anupam Puri will complete eight years as non-executive directors of ICICI Bank and step down May 3, ICICI said.

To contact the reporter on this story: Ruth David in Mumbai at rdavid9@bloomberg.net

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