16 mn pound bonus for Indian-origin banker

By IANS,

London : Karam Butalia, former global head of private equity at Standard Chartered, took home a 16 million pound pay packet before leaving the bank last year, making him the best-paid British banker, a newspaper reported Sunday.


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Butalia, 55, received about four times as much as Standard Chartered Chief Executive Peter Sands, the Sunday Times reported.

Butalia, who is based in Singapore, is believed to have secured a string of lucrative private-equity deals during his six years at the bank.

Butalia, who took an MBA at Hull University in Britain in 1994-95, bought stakes in one of China’s biggest construction firms, an Indian engineering company, as well as China’s biggest pen maker, the Sunday Times said.

Britain’s best-paid banker before the credit crunch was Bob Diamond, head of Barclays Capital, who was earning 21 million pounds in 2007 but gave up his bonus this year, taking a salary of 250,000 pounds.

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