MC Exclusive | Standard Chartered Bank’s mortgages head to join L&T Finance

L&T Finance

Standard Chartered Bank’s managing director and head of mortgages, Jinesh Shah will join L&T Finance as CEO – Urban Finance business. He will replace Sanjay Garyali who tendered his resignation on January 25.

Urban finance encompasses sub-segments such as two-wheeler finance, personal loans, home loans and loan against property. The division was set up when L&T Finance rejigged its operations to align with its retail strategy, and is seen as one of the critical portfolios for the lender. Urban Finance enjoys a lion’s share of L&T Finance’s total loan book at 48 percent of the non-bank’s retail loans and 46 percent of its total loan book. As of December 31, 2025 its loan book stood at approximately Rs 44,000 crore.

Predominantly a retail banker with experience across foreign banks, Shah joins L&T Finance after a near eight -year stint at Standard Chartered Bank. Prior to Standard Chartered, he worked with HSBC Bank India for over 11 years where he headed the bank’s credit cards and consumer lending business. He joined HSBC India from Citibank in 2009. At Citi, Shah was largely in charge of the bank’s consumer finance business for North and West India.

An email sent to L&T Finance seeking confirmation on Shah’s appointment remained unanswered till publishing the article, though people aware of the matter say he is said to join the bank from today (February 5). Standard Chartered Bank did not respond to Moneycontrol’s email on Shah’s exit from the bank. “It has been about 2 – 3 weeks since he quit the bank,” said a senior executive of Standard Chartered who didn’t want to be named.