5 days ago
Ravi Narayanan to Take Over as CEO of SMFG India Credit
Ravi Narayanan, a veteran banker, will become the chief executive officer of SMFG India Credit, people familiar with the development told. Narayanan, former group executive of retail liabilities, branch banking and products at Axis Bank will take up the position as part of a management overhaul at Sumitomo Mitsui Financial Group (SMFG).
SMFG has been reshaping its India operations ever since it acquired Fullerton's non-banking finance business in November 2021. An email seeking confirmation of Narayanan's appointment went unanswered at the time of publication, and he could not be immediately reached for comment.
First Major Management Change Since Acquisition
The appointment marks the first significant leadership change for SMFG India Credit since the Japanese lender bought the business. SMFG initially picked up a 74.9% stake in Fullerton India Credit in 2021, later raising its holding to full ownership in May last year.
Following the acquisition, Shantanu Mitra—a familiar face at Fullerton—was brought back as MD & CEO, along with several members of his earlier leadership team. 'He reassembled much of his previous core team shortly after SMFG completed the deal,' said a person aware of the matter.
Mitra stepped down in June this year. To manage operations in the interim, SMFG set up a three-member executive committee with a 90-day mandate.
An Outsider Steps In
Narayanan's appointment is notable because it will be the first time in the company's history that a senior leadership role has gone to someone from outside the Fullerton fold. According to a senior executive, he is expected to take charge before the interim committee's term expires.
The leadership change is seen as part of SMFG's effort to align the India business more closely with its long-term strategy, while also bringing in fresh perspectives to drive growth in a competitive lending market.
