ING Vysya strengthens wholesale operations

Bangalore-based ING Vysya bank has hired Janak Desai as country head of financial markets for India. He will join the bank on November 1 and report to ING Vysya chief executive Bart Hellemans.

Desai will assume responsibility for the sales and trading of foreign exchange, fixed income and derivative products, as well as for customised solutions for clients. He will also lead the bank’s drive to expand its cross-border business.

Desai joins ING Vysya from the Industrial Development Bank of India (IDBI), where he worked as country head of treasury since January 2001. He built a treasury team focused on a full range of risk management products and customised solutions while at the development bank.

IDBI was also one of only a few banks with Indian regulatory permission to trade in the rupee options market. Prior to working at IDBI, Desai was head of trading at Standard Chartered bank and spent five years at ABN Amro.

“Janak will be instrumental to increasing ING Vysya bank’s local product and distribution capabilities," said Hellemans. "These are priorities in the overall development of our wholesale banking franchise.”

Dutch financial services group ING bought a 43.99% stake in the bank in October 2002, making it the largest single shareholder.