Determined to launch her pitch, she spoke with passion once she came face-to-face with the individual. “We have been working tirelessly to close the deal, but I strongly believe that we are on the verge of losing it. One small misstep, one tiny concession, and the entire deal could slip through our fingers,” she explained, referring to a multi-billion deal with a European company.
That midnight meeting was the turning point in sealing the deal.
With nearly three decades of experience in the financial services sector, Nakhate is now India CEO, Bank of America NA (BANA). Her journey with Bank of America began when she rejoined the company in 2010 as country head for India. Prior to that, she worked at JP Morgan as vice chairman of India operations, and held senior positions in global markets and equities at DSP Merrill Lynch for over 18 years.
“I am known for closing deals,” she says. “Sometimes, people make false promises. I am not afraid to speak the truth, even if it’s difficult to hear.”
Her ability to identify potential risks and communicate clearly with clients has saved countless deals from falling apart.
“I do not see Kaku as a woman leader; I see her as a great leader who happens to be a woman. What sets her apart is her excellent domain knowledge and her ability to build strong relationships with clients based on integrity and honesty,” says Aditya Puri, former CEO, HDFC Bank, and now senior advisor, Carlyle.
“She has a keen strategic vision and leads with empathy, functioning as first among equals. Her track record speaks for itself. Kaku is a good friend who enjoys life, loves music and food, and is a wonderful host with a beautiful mansion in Lonavala,” he adds.
Profit before tax of BANA India soared by 60 percent year-on-year (YoY) for the fiscal ending March 2024, one of the highest among foreign banks in India for two consecutive years. BANA India branch also achieved 28 percent YoY growth in FY24, the highest among the top 10 foreign banks in India. “Additionally, BANA India’s advances grew by 32 percent YoY, again leading the top 10 foreign banks in the country,” says Nakhate.
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BANA India’s franchise led four of the seven largest IPOs in the country in 2024. It also executed several marquee deals in the mergers and acquisitions space and undertook multiple mega block trades.
One things that helps Nakhate keep calm amid the chaos is doodling. While attending important meetings and negotiating multimillion-dollar deals, her hands are always scribbling away in her notebook. “Doodling helps to maintain concentration, even during long and tedious meetings. It’s a way for me to stay present and attentive,” Nakhate says.
Growing up in a business family in Matunga, Mumbai, Nakhate was exposed to the world of finance from a young age. Her father encouraged her to learn the ropes of business— from filling bank cheques to depositing dividends. This early exposure piqued her interest in commerce, leading her to pursue a degree in the field from Mumbai’s Poddar College.
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And while pursuing an MBA from NMIMS, Mumbai, she discovered a passion for finance and capital markets.
Nakhate’s entry into the finance industry was not without its challenges, though. As a woman in a male-dominated field, she faced scepticism and doubts. Her mentor, Hemendra Kothari (of DSP), played a significant role, providing guidance and support as she navigated the complexities of the finance industry.
“I was never afraid of numbers. Capital markets excite me and my love for that has only grown in time,” says Nakhate. In the coming year, she continues, “We have started strong in some of our businesses, but I anticipate volatility. We need to be cautious and manage risks effectively.”
One of her key strategies is to continuously add clients, especially in corporate banking. “Even with volatility, new opportunities will arise,” she explains. “For example, hedging has become crucial with the fluctuations in forex and the rupee-dollar exchange rate.”
As she looks back on her illustrious career, Nakhate knows that she has made a lasting impact on the world of corporate finance.
(This story appears in the 18 April, 2025 issue
of Forbes India. To visit our Archives, click here.)
Kaku Nakhate, India CEO of Bank of America NA