StanChart recently hired former UBS Group AG’s Ankit Raghav as director for its leveraged and acquisition finance, and private credit team, Raber said in an emailed statement in response to Bloomberg’s queries. Raghav reports to Pritha Majumdar, managing director of the team.

The bank has also appointed Ankit Dokania as director for the same team, and S Siddharth as executive director for private and traded credit. All new hires are based in Mumbai, the email showed.

Private credit in India is expanding alongside Prime Minister Narendra Modi’s infrastructure push, which has created a need for middle-market funding in everything from solar power to roads. Such investments in India totalled US$9.2 billion (RM40.84 billion) across 163 deals last year, according to an Ernst & Young report.

Along with Deutsche Bank AG and Barclays Plc, StanChart is one of the more active banks in India’s private credit space. It was one of the arrangers on a 143 billion rupee (US$1.7 billion) bond issued in 2023 via private placement for Goswami Infratech Pvt Ltd, a Shapoorji Pallonji group company. The issuance is the country’s biggest ever high-yield rupee corporate debt, which pays an 18.75% coupon.

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