Poonawalla Fincorp shares rise nearly 4% on appointment of HDFC Bank's Arvind Kapil as new MD & CEO

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Bhutada, however, would continue as Non-Executive Director on the Board, said the NBFC in a stock exchange filing. Poonawalla Fincorp said Abhay Bhutada has been elevated to Group level, to take up a strategic and larger role at the group level to manage strategy and finance.

Adar Poonawalla, Chairman, Poonawalla Fincorp said: “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 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 Crores INR at HDFC Bank and has successfully handled the largest merger in the industry. Kapil, an alumnus of Harvard Business School, Postgraduate in Management and Engineer, has been known in the industry as a paradigm pioneer for leading digital lending innovations and has been an integral part of the HDFC Bank’s growth journey for over 25 years.”

Adar Poonawalla further added, “Abhay Bhutada spearheaded and was instrumental in successfully transforming the entire company since its acquisition in May 2021. He has strengthenedPoonawalla Fincorp with his excellent and extraordinary efforts in less than 3 years and has fast forwarded the company to its current exceptional state of affairs. Given his leadership, execution skillsand business acumen, Abhay Bhutada has been elevated to Group level and will be taking up strategic and larger role at the Cyrus Poonawalla Group for managing its strategy, investment & finance. He shall continue to be as Non-Executive Director on the Board of Poonawalla Fincorp Ltd.”

Under the leadership of Bhutada, Poonawalla Fincorp had a strong asset quality, CRISIL 'AAA' rating, superior profitability, and diversifying portfolios of products reaching an AUM of over Rs. 21,000 crore. Since the company's acquisition in May 2021,  Bhutada was spearheading the transformation of the company and was key figure in fast-forwarding the company's growth.

Bhutada's last working day as Poonawalla Fincorp's managing director is June 23, 2024.

Shares of Poonawalla Fincorp have gained over 74 percent in the past year and 28 percent in the past six months. On March 18, shares of the company closed 1.9 percent higher at Rs. 471.55 on the NSE.

"Kapil also spearheaded the retail lending franchise at HDFC Bank, which encompassed a diverse array of domains including unsecured loans, auto loans, two-wheeler loans, retail working capital loans, gold loan, loan against shares, home loans, microfinance, and business loans. With an illustrious tenure spanning over 25 years, Mr. Kapil has been a trailblazer in harnessing digital solutions to revolutionise customer experience. He has introduced groundbreaking innovations such as the industry leading 10 seconds personal loan, alongside digital loan against securities, digital loan against mutual funds, and digital auto loans," said the firm in a regulatory filing.

Kapil’s educational background includes Advanced Management Program from Harvard Business School; Master’s Program in Management of Global Enterprises jointly from IIM Bangalore, UCLA Anderson, and SDA Bocconi, and City University; Masters in Management Studies from Bharati Vidyapeeth Institute of Management Studies and Research, and a Bachelor of Engineering (B.E.) from K. J. Somaiya College of Engineering, Mumbai.