HDFC Bank Ltd.'s veteran banker Arvind Kapil has been appointed as Poonawalla Fincorp Ltd.'s new managing director and chief executive officer.
Kapil has been appointed as an additional director in the capacity of MD and CEO, according to an exchange filing. This is for a period of five years, effective from June 24.
Poonawalla Fincorp's current Managing Director and Chief Executive Officer, Abhay Bhutada would step down from the role from June 23. According to the statement, he will continue as the non-executive director on the board of Poonawalla Fincorp.
Bhutada would take up roles at the Cyrus Poonawalla Group to manage strategy, investment and finance. The appointment of the new MD has been approved after the board of directors met on Monday afternoon.
Kapil currently serves as HDFC Bank's group head overseeing the mortgage banking business. He is responsible for managing the vast home loan portfolio, loan against property and HDFC Sales Pvt.
He is also known for spearheading the retail lending franchise of HDFC Bank. This includes several domains like unsecured loans, auto loans, two-wheeler loans, retail working capital loans, gold loan, loan against shares, home loans, microfinance, and business loans.
Kapil's appointment at Poonawalla Fincorp would now be effective till June 23, 2029, subject to the approval of shareholders of the company.
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