The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

India: the new jewel in the investment banking crown?

The prospect of greater M&A and capital markets activity by Indian companies means that no bank can afford to ignore the sub-continent. Some are attacking the market through joint ventures and alliances with locals; others are going it alone. But which ones will succeed, and how will independent local players stand up to the competition? Sudip Roy reports from Mumbai.

India: A shortage of talent

WHEN HE STARES out of his office window in Mumbai, Brooks Entwistle has a superb panoramic view of the Arabian Sea. The weather is inclement, with India’s monsoon season in full swing, but the peninsula is still a breathtaking sight. The CEO of Goldman Sachs’s India business is a lucky man. He had better not get too attached to the view, though, as he won’t have it for much longer.

Entwistle’s office is a suite on the 10th floor of a five-star hotel in Nariman Point in Mumbai’s financial district. His residence there is temporary. The US firm will move into bigger premises later this year. The move is symbolic of Goldman’s new start in India as it waits for the green light from the regulators to begin its banking operations in the country.

For 10 years Goldman Sachs had built its business in India through a joint venture with one of India’s leading financial services groups, Kotak Mahindra Bank. Goldman held a 25% stake in two of Kotak’s subsidiaries, Kotak Mahindra Capital Company and Kotak Securities. Now it wants to go it alone. In March, Goldman parted formal company with Kotak, when the Indian firm bought out Goldman’s stake for a combined Re3.33

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree