As the trend for Australian companies to execute share buybacks continues, Credit Suisse First Boston has created a new role for Chandu Bhindi as head of capital management.
Bhindi comes from Westpac where he worked since 1994 and most recently as head of capital management for the domestic player.
In that job he orchestrated a number of buybacks for the bank, including a A$558 million off-market transaction that priced at a 16% discount to the market price, and several on-market deals worth a total of A$2 billion.
At CSFB he will be responsible for the business in Australia, New Zealand and non-Japan Asia. He will be based in Sydney and will report to the bank's head of investment banking in Australia, Rob Stewart. He will also have a reporting line to Vik Malhotra, CSFB's regional head of the global markets solutions group in Hong Kong.
"While Chandu's extensive experience with Westpac is valuable with regard to the financial institutions sector, his focus with us will also extend to capital management opportunities among other public companies," says Stewart.
Bhindi says capital management is a growth area for CSFB and will be important in driving the company's profitability.