Rana Kapoor may have become the flamboyant poster-boy of slick, foxy deal-making (a Pirates of the Caribbean style banker) but once upon a time he was the most charismatic brand in the fast-expanding foreign banking industry. In the 1990s, the big boys were ANZ Grindlays and Standard Chartered who commanded a vast retail network, but these were conservative Brit banks more interested in their lunch menu in the elegant dining halls and the ability to sniff good wine through discerning nostrils. Market share and profits could snooze for a bit. The wholesale banks that focused mostly on corporate business were many, but Citibank ( which would later be the most aggressive, innovative and technology-driven bank that would pioneer the era of personal banking), American Express and Bank of America were playing for high stakes.

Fat cats

Business school graduates were attracted to their fat cheques, suited-booted culture, overseas training, five-star expense accounts and a certain premium in the marriage industry. In 1992, I quit ANZ Grindlays to join Bank of America (Rana would do exactly the opposite a few years later). "So now you will get a chance to work with Rana Kapoor," said a former colleague. "He is quite a character, hard-nosed and hungry, and has a penchant for schmoozing even the thick-skinned."