HDFC Financial institution’s house mortgage enterprise head to guide Poonawalla Fincorp – Occasions of India

MUMBAI: HDFC Financial institution’s mortgage enterprise head Arvind Kapil has filed papers to take cost as MD & ceo of Poonawalla Fincorp, Kapil is a 25-year veteran of HDFC Financial institution and was positioned answerable for the legacy housing finance enterprise of HDFC after its merger with the financial institution final 12 months.
“Given the sheer measurement of the mortgage portfolio (Rs 7.5 lakh crore) and the fabric significance of distribution, we consider there’s key managerial personnel threat (for HDFC Financial institution),” mentioned Suresh Ganapathy of Macquarie.He famous that that is the second main exit in mortgages with the pinnacle of HDFC gross sales Santosh Nair quitting to hitch Bandhan Financial institution final month.
Poonawalla Fincorp, in a press release to inventory exchanges, mentioned that Kapil will be part of the corporate on June 24, topic to approvals. Shares of Poonawalla Fincorp rose 1.5% after the announcement. Earlier than taking cost of the Rs 7.5-lakh-crore mortgage enterprise at HDFC Financial institution, Kapil led the retail lending enterprise on the financial institution, which included unsecured loan20s, auto loans, two-wheeler loans, retail working capital loans, gold loans, loans towards shares, house loans, microfinance, and enterprise loans.
“Given his management, execution abilities and enterprise acumen, (Present MD & CEO) Abhay Bhutada has been elevated to group degree and shall be taking on a strategic and bigger function on the Cyrus Poonawalla Group for managing its technique, funding and finance,” mentioned Adar Poonawalla, chairman, Poonawalla Fincorp.