VTB Capital, the investment banking unit of Russia’s second-biggest lender, hired former Merrill Lynch & Co. banker Damian Chunilal as chief executive officer of its Asian unit.
He will be based in Hong Kong in the newly created role and oversee strategic development and the company’s expansion in Asia, VTB Capital said in an e-mailed statement today. Chunilal will report to Atanas Bostandjiev, CEO of VTB Capital International and the U.K., it said.
VTB Group’s investment banking unit has been increasing staff numbers and expanding abroad as it seeks to compete in emerging markets, while global banks such as HSBC Holdings Plc (HSBA) and Goldman Sachs Group Inc. (GS) make cutbacks.
Chunilal, a former head of Asia-Pacific investment banking at Merrill Lynch, in 2009 filed a lawsuit about a disputed bonus payment following his dismissal by the firm. The bank argued that English courts had no jurisdiction. The case was dismissed by the High Court in London in 2010.
Chunilal was most recently employed at Ocean Capital Management Ltd. in Hong Kong, according to Bloomberg data.
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