After serving for 27 years, Vishwavir Ahuja, managing director & CEO, Bank of America (BoA), India has decided to call it a day.
Sources said that he has already put in his papers, during the weekend and will be moving out of the foreign bank by August end. The exact reason for his decision to quit BankAm after such a long tenure is not known.
However, sources point out that decision to quit the bank was more a personal one and has something to do with the exciting nature of new venture he will be involved shortly.
The top management of Bank Am had made efforts to persuade Ahuja to continue in his position but had failed.
?Yes it is a bit surprising that Ahuja has preferred to quit at this moment when the integration between, Bank Am and Merril Lynch is on. Ahuja would have headed a much larger organisation,?? said foreign banking sources in the country.
Though Ahuja?s next move is yet to be known, it is expected that he may join an Indian financial company as a promoter.
Sources reveal that Ahuja will continue to be in India and would begin his new innings in two or three months.
However, the company spokesperson declined to comment on this issue. ?We don?t comment on such matters,? she said. It is also expected that Bank Am may choose somebody from inhouse including from recently acquired Merril Lynch to succeed Ahuja in its India operation.
During Ahuja?s tenure BanAm which is into wholesale banking has achieved a significant growth .
During last five years, the bank has recorded a 50% compounded growth annually in its earnings and bank?s balances sheet has doubled in last five years. Post Ahuja BankAm operations and growth may not remain same, said analysts.
In India, the bank operates various businesses like investment banking, global product services, debt capital markets, risk management, cash management and treasury services. In September 2008, Bank of America agreed to acquire Merrill Lynch in an all-stock transaction for a $50 billion.
The investment banking division, wealth management section and equity business of Merrill Lynch, is now a part of BoA. The deadly combination of the two has created a huge business, involved in fixed income trading, stock underwriting, and corporate lending.