Poonawalla Fincorp appoints HDFC Bank’s Arvind Kapil as new MD & CEO, shares up 3%
Upstox
2 min read • Updated: March 19, 2024, 3:32 PM
Summary
Arvind Kapil will remain in office for a five-year term starting from June 24, 2024. Kapil, a Harvard Business School alumnus, currently serves as the group head of HDFC Bank. He is in charge of the mortgage banking business, which has a significant book size of 7.5 lakh crore.
Poonawalla Fincorp, a Pune-based non-banking financial company (NBFC), gained more than 3% on Tuesday, March 19, after the company announced the appointment of banking industry veteran Arvind Kapil as the new Managing Director and Chief Executive Officer. Arvind Kapil will assume the role for a five-year term, starting from June 24, 2024, the company said in a filing to the stock exchanges.
“As we continue to develop new business verticals and move towards our long-term vision of being the best-in-class organization, we are pleased to share that Mr. Arvind Kapil would be joining us as MD and CEO, to spearhead this transformation to the next level of growth. Kapil manages a book of over ₹7 lakh crore at HDFC Bank and has successfully handled the largest merger in the industry,” said Adar Poonawalla, the chairman of Poonawalla Fincorp, in a press release dated March 18.
Arvind Kapil’s appointment as Managing Director & CEO of Poonawalla Fincorp Ltd follows the retirement of incumbent top executive Abhay Bhutada. However, Bhutada will continue to serve as a non-executive director on the company’s Board.
“Abhay Bhutada spearheaded and was instrumental in successfully transforming the entire company since its acquisition in May 2021,” said Poonawalla.
He added, “Given his leadership, execution skills and business acumen, Abhay Bhutada has been elevated to Group level and will be taking up a strategic and larger role at the Cyrus Poonawalla Group for managing its strategy, investment & finance. He shall continue to be a non-executive director on the Board of Poonawalla Fincorp Ltd.”
Arvind Kapil, a Harvard Business School alumnus, currently serves as the group head of HDFC Bank. He is in charge of the mortgage banking business, which has a significant book size of 7.5 lakh crore. His responsibilities include overseeing the entire home loan portfolio, loans against property and HDFC Sales Private Limited. Kapil previously led HDFC Bank’s retail lending franchise, overseeing a wide range of products including unsecured loans, auto loans, two-wheeler loans, gold loans and business loans.
Shares of Poonawalla Fincorp were trading 1.4% lower at ₹464.95 apiece on NSE at 3:09 pm.