Credit Suisse has re-calibrated its business in India by giving Balakrishnan Kunnambath additional responsibility of overseeing the firm's private banking business in the country apart from his existing role as private banking market group head for non-resident Indian Asia Pacific and Indian sub-continent.
Based in Singapore, he will report to Alex Wade, head of developed and emerging Asia for private banking Asia Pacific.
Kunnambath, who joined the firm in November 2015, previously served at DBS Private Bank in Singapore as head of NRI business covering Asia Pacific and the Middle East NRI markets.
He has over three decades of experience in financial services industry, including with Société Générale in Singapore and ABN AMRO Bank.
Additionally, Credit Suisse has appointed Inigo Mendoza as head of private banking India.
Based in Mumbai, Mendoza will report to Kunnambath and locally to Mickey Doshi, CEO India.
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Prior to the new role, he served as head of business management for developed and emerging Asia Market Area of the bank's private banking Asia business. He was also responsible for overseeing the private banking business in India in the past year.
He has over 10 years’ of experience in banking and finance in Europe and Asia, which includes five years with Credit Suisse in business strategy and chief operating officer functions in Switzerland and Singapore.
Commenting on the appointment, Wade said: "With his deep knowledge and expertise in global Private Banking for NRI and Indian Sub-Continent markets and experience in leading and growing front teams, Balan will play a key role in further developing our Private Banking India franchise.
“I thank Inigo for overseeing the Private Banking India business in the past year, developing the business plan and implementing the critical initiatives to expand our onshore product platform. I am confident that under Balan and Inigo's leadership, we will continue to broaden our client base and deepen client penetration, drive collaboration opportunities with both our global NRI teams and our business in India, and to grow our Indian Private Banking franchise sustainably for the longer term."
Doshi said: "I look forward to working with Balan and Inigo to further build up our Private Banking India business, leveraging the bank's full suite of integrated investment banking and wealth management capabilities to attract new clients and generate assets and transactions."