Neelkanth Mishra, Co-Head of Asia Pacific strategy at Credit Suisse Group AG, has ended his two-decade association with the Swiss bank and is set to join Mumbai-based Axis Bank Ltd.

The development came amid Switzerland's second-largest lender's struggle to stay afloat. According to reports, Mishra would helm Axis Bank’s research department. He is part of Indian Prime Minister Narendra Modi’s Economic Advisory Council and head of research at Credit Suisse’s local unit, the bank’s website says.

The hiring is believed to be part of Axis Bank Chief Executive Officer Amitabh Chaudhry’s plans to bolster various businesses, including the lender's wealth management and investment banking businesses.

The financier had also completed the acquisition of Citigroup Inc.’s India retail banking business for $1.4 billion earlier this month.

The Swiss bank's business has hit rock bottom over the last several years with a series of blowups, scandals, leadership changes, and legal issues.

Resignations of senior bankers in recent months have made the matter worse. An exchange filing showed earlier this month that Ashish Gupta, the former head of India equity research at Credit Suisse, had joined Axis Mutual Fund as chief investment officer.