The Reserve Bank of India (RBI) has approved Vikram Sahu as the new CEO of Bank of America NA in India. He will hold this position in addition to his current role as India Country Executive.
Sahu will succeed Kaku Nakhate, who served as CEO for almost 15 years. He will report to Jin Su, President of Asia Pacific.
Kaku Nakhate will now take on the role of Chair, India, for BofA Securities, where she will focus on strengthening key client relationships in the country.
“Since assuming the overall leadership of our India franchise earlier this year, Vikram has been focused on guiding our country leadership team (CLT), focusing on governance and regulatory matters, meeting key clients, and reinforcing the bank’s Responsible Growth approach,” said the memo that announced his appointment as India CEO.
“As CEO of BANA India, he will chair the entity’s local management team, while remaining a member of our Asia Pacific Executive committee and chair of the India CLT. He will continue to have oversight of our strategic growth plan,” the memo added.
Nakhate will move to a new role as Chair, India, and will be on the payroll of BofA Securities, according to sources.
They added that this transition is meant to help the bank maintain and strengthen its relationships with important long-term clients.
“Kaku Nakhate will become the chair, India with a focus on deepening relationships with key clients of the India franchise,” the memo said.
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