Merrill Lynch Said to Hire Standard Chartered's Swaminathan for India Unit

Merrill Lynch & Co. hired Bala Swaminathan from Standard Chartered Plc as vice chairman for India, according to two people briefed on the matter.

Swaminathan, Standard Chartered’s regional head of origination and client coverage in South and Southeast Asia, will move to India from Singapore, the people said. Swaminathan declined to comment.

Rob Stewart, a spokesman for Bank of America Merrill Lynch in Hong Kong, and Arijit De, Standard Chartered’s spokesman in Mumbai, declined comment.

Merrill Lynch is owned by Bank of America Corp.

Swaminathan, who has a master’s in business administration from Harvard Business School, joined Standard Chartered in Mumbai in 2006 from ICICI Bank Ltd., India’s second-largest lender.

Merrill Lynch ranks seventh in arranging equity and rights sales in India this year and fifth in mergers and acquisition advisory, according to Bloomberg data. Standard Chartered doesn’t figure in Bloomberg’s equity league tables and ranks third in M&A advisory.

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

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