The head of BankAmerica Corp.'s Asian wholesale group plans to resign at the end of this month, to be replaced by the head of the European wholesale group, the banking company said.
The official who is stepping down, Hong Kong-based group executive vice president Kai S. Nargolwala, 45, said in an interview that he is resigning for personal reasons unrelated to his or his unit's performance.
Mr. Nargolwala's replacement, Robert P. Morrow 3d, also 45, who is moving from London to Hong Kong, was described as a skilled executive who can capably fill Mr. Nargolwala's shoes.
Mr. Morrow "is a valued member of their senior management team," said Cari M. Dominguez, a director in San Francisco with the executive search firm Spencer Stuart.
"He's done a great job overseas, and has been a key asset in implementing their international strategy," she added.
The Asian wholesale group is an important unit for BankAmerica. Last year, it contributed 17% of the $651 million of profits BankAmerica earned from wholesale banking, and 5.1% of the company's total profits of $2.17 billion.
The group operates in 13 countries, providing a full range of wholesale services, including loans, currency trading, merchant banking, trade and project finance. The Asian group is also building a capability for underwriting and trading Asian bonds.
"It's a high-margin business," said Alison A. Deans, a bank stock analyst with Smith Barney Inc. in New York.
BankAmerica is the only banking company headquartered on the West Coast with an extensive Asian network, a fact that BankAmerica officials believe gives their institution a competitive advantage.
BankAmerica vice chairman David Coulter said that Asia is the fastest- growing market served by the wholesale group, and is expected to be the second-biggest contributor to earnings in wholesale banking over the next five years.
Mr. Nargolwala was entrusted with paving the way for the Asian group's expansion by overseeing the integration of the extensive Asian operations of Security Pacific Bank, which BankAmerica acquired in 1992. He also has folded into his group some of the wholesale expertise of Continental Bank, which BankAmerica acquired last year.
Mr. Nargolwala said he is stepping down to "take a breather" from the business world that will last at least a year.
A native of India who has worked for BankAmerica since 1976, Mr. Nargolwala explained that he was on the road 280 days last year. He added that he needs the time off to figure out what he wants to do professionally before he gets so old that it would be difficult to change careers.
After his time off, Mr. Nargolwala said he will consider starting a career outside of banking. But he also said he will consider coming back to BankAmerica.
"I have a very warm feeling for the bank," he said.
Mr. Nargolwala emphasized that he remains on good terms with BankAmerica. As proof, he pointed out that he informed management of his plans for stepping down three months ago, giving them plenty of time to find a successor.
Mr. Nargolwala also said that one reason he is stepping down now is that the Asian wholesale group is doing well.
"Whenever a senior officer is going to do something like this, it's best to do it when things are going well, so there's the least amount of disruption, and a successor has some time to settle in," he said.
Mr. Coulter agreed that Mr. Nargolwala left on good terms, and of his own volition. "Kai is a very valued employee," Mr. Coulter said.
