Citigroup has created a new role for an ECM head in India, appointing Ravi Kapoor from DSP Merrill Lynch. Kapoor will develop the business alongside Hong Kong-based MD Craig Duffy, who has run the firm's many equity-linked transactions from the subcontinent over the past two years.

At DSP Merrill Lynch, Kapoor was executive vice president, head of equity origination and capital markets. For the past two years, he also held the title of co-head of investment banking.

Two of his most recent high profile transactions include last summer's $1.2 billion IPO of Tata Consultancy Services and the $2.3 billion sale of a 10% government stake in Oil and Natural Gas Corporation (ONGC) in March 2004.

Prior to DSP Merrill Lynch, Kapoor worked with ICICI Bank and PR Mehra & Co. In addition, he has also held the position of vice chairman of the Association of Merchant Bankers of India (AMBI) for the past three years among other honorary positions.

Citi's second big appointment of the week is Les Holland, who has taken over as head of syndicate from Kirsty Mactaggart, who recently decided to leave the firm. Holland has transferred from Citi's ECM group in Europe to take up the position in Hong Kong, but has had past experience of the desk as he often acted as Mactaggart's understudy and has long been keen to come back on a more permanent basis.

Citigroup has also announced the hiring of Ronnie Potel who was poached from Deutsche Bank. Potel will be a VP in the equity-linked team. At Deutsche he spent four years focusing on convertible origination in both Hong Kong and Tokyo.

Also relocating from Deutsche to Citi is Sarah See who comes to ECM as an associate, focusing on origination and execution in South East Asia.

Jason Hwang, presently Citi's senior ECM originator for Korea, will pack his bags for Seoul in a move described by the bank as to provide better ECM support to Korean clients and further develop both the international and domestic Korean ECM businesses.

All the new hires will report to Ken Poon, head of Asian ECM based in Hong Kong.