Sanjiv Saraff quits ICICI Securities to join Bank of Baroda i-banking unit

Sanjiv Saraff, who had been associated with ICICI Bank for around 18 years, has quit the firm to join state-run lender Bank of Baroda’s investment banking unit, as per his LinkedIn update.

Saraff had been with ICICI Bank’s investment banking arm, ICICI Securities, for 13 years and had become the head of its team looking after banking, cement, aviation, metals and mining, and conglomerates as a division a year ago.

Before moving to ICICI Securities in 2008, he had a short stint as the head of product and distribution for the brokerage arm ICICI Direct. Previously, he had shorter tenures at the bank as regional head of retail banking, zonal head of investment services for Eastern India and zonal head of private wealth management in Mumbai.

At Bank of Baroda, Saraff has joined as joint managing director of BOB Capital Markets Ltd.

Currently, BOB Capital Markets is led by managing director and CEO SunilKumar Sharma. A Bank of Baroda veteran, Sharma had taken over the role of MD and CEO at BOB Capital Markets last July from Ratnesh Kumar.

For the year ended March 2020, BOB Capital Markets’s revenue rose around 50% while its loss narrowed to Rs 80 lakh from Rs 2.9 crore the previous year.

Growth mostly came from equity advisory fees, which rose six-fold. The mainstay debt advisory fee was almost flat. Fees from wealth management more than doubled while brokerage income had a more modest rise in FY20.

The firm offers investment banking, institutional and retail stock broking, and wealth management services. It has its presence only in Mumbai.