HDFC Bank’s Arvind Kapil to join Poonawalla Fincorp as MD and CEO
HDFC Bank’s head of mortgage portfolio Arvind Kapil is set to join Poonawalla Fincorp as the MD and CEO, the NBFC said in a release.
“As we continue to develop new business verticals and move towards our long-term vision of being the best-in-class organisation, 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,” said Adar Poonawalla, Chairman Poonawalla Fincorp.
Kapil currently manages a loan book of over ₹7-lakh crore at HDFC Bank and had handled the merger of erstwhile HDFC with the bank.
He will replace current MD and CEO Abhay Bhutada, who has headed the company since its acquisition in May 2021. Bhutada, in turn, has been elevated to the Group level and will be taking up a strategic and larger role at the Cyrus Poonawalla Group for managing its strategy, investment and finance. He will continue to be a Non-Executive Director on the board of Poonawalla Fincorp.
“Abhay Bhutada spearheaded and was instrumental in successfully transforming the entire company. He has strengthened Poonawalla Fincorp with his excellent and extraordinary efforts in less than 3 years,” Poonawalla said.
Poonawalla Fincorp has an AUM of over ₹21,000 crore and has presence across 19 States. It is classified as a non-deposit taking systemically important NBFC.