Poonawalla Fincorp Appoints Arvind Kapil Of HDFC Bank As New MD & CEO; Stock Rises 3%

Poonawalla Fincorp has appointed Arvind Kapil, currently serving as HDFC Bank's Group Head overseeing the mortgage banking business, as its new Managing Director & Chief Executive Officer. Kapil's tenure is set for five years, commencing from 24 June 2024.

Arvind Kapil is responsible for managing HDFC Bank's entire Home Loans portfolio, Loan Against Property (LAP) and HDFC Sales, with a book size of Rs 7.5 lakh crore.

The Non-Banking Financial Corporation (NBFC) announced the early retirement of its current MD & CEO, Abhay Bhutada.

On 18 March at 3.20 pm, Poonawalla Fincorp's shares on the BSE were trading 3 per cent higher at Rs 477.8 apiece.

Kapil, an alumnus of Harvard Business School, Postgraduate in Management and Engineer, has been an integral part of HDFC Bank’s growth journey for over 25 years” said the company in its exchange filing.

Adar Poonawalla said, “Abhay Bhutada spearheaded and was instrumental in successfully transforming the entire company since its acquisition in May 2021. He has strengthened Poonawalla 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 skills and business acumen, Abhay Bhutada has been elevated to the Group level and will be taking up strategic & 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 Limited.”

Under the leadership of Abhay Bhutada, Poonawalla Fincorp has had a tremendous journey in the last 3 years in terms of growth, strong asset quality, CRISIL AAA rating, superior profitability and diversifying portfolios of products reaching an AUM of more than 21,000 Crores INR.