Barclays Capital has hired Rakesh Garg to join as a director in the firm'sIndian investment banking group. Garg was previously head of debt capital markets and risk advisory at HSBC in India, where he worked for over nine years. He will continue to focus on the debt markets in his new capacity at Barclays.

Garg's addition to the India team closely follows the appointment earlier this month of Madan Menon to the role of Co-CEO of the Bombay office. Menon has worked with Barclays Capital in India for some time, prior to which he was with the corporate banking group of American Express in Bombay.

Garg will report locally to Menon and regionally to Raju Shukla, managing director with responsibility for India.

"I'm delighted to welcome Rakesh to the team," Shukla says. "He brings a wealth of talent and investment banking experience to Barclays, both of which will be a great asset as we continue to build our presence in India."

Garg's addition to the Barclays team represents the continued efforts by the firm to expand its investment banking franchise in India, particularly in the debt market space where it has established a leading presence. During 2003 Barclays Capital executed a number offshore debt transactions for Indian companies including; IDBI , IRFC, Tata Sons, GECSI and National Hydroelectric Power Corp.