Billionaire Ajay Piramal-led Piramal Enterprises Ltd has appointed Axis Bank finance chief Jairam Sridharan as the CEO of its consumer finance business.
Sridharan will kick-start Piramal group's consumer finance operations next year, the company said in a statement on Friday.
An IIT-Delhi and IIM-Kolkata graduate, Sridharan has more than 20 years of experience in the domestic and international retail finance industry. This includes nearly 10 years with Axis Bank.
The private-sector lender had said on December 6 that he would leave the bank to pursue other career opportunities and that he would continue to serve as the chief financial officer during his notice period of three months.
At Axis Bank, Sridharan led a fundraise of $1.8 billion from investors including Singapore sovereign wealth fund GIC Pte Ltd.
Sridharan joined the bank in 2010 as a senior vice president and rose to head its retail lending and payments portfolio. In his career, Sridharan has also worked with US-based lender Capital One, British lender Standard Chartered and India’s ICICI Bank, where he spent five years.
Anand Piramal, executive director at Piramal Group, said that Sridharan has experience in building a large retail finance business and deep knowledge of technology and analytics.
Under its financial services, Piramal Enterprises operates non-bank lender Piramal Capital and Housing Finance Ltd business and the India Resurgence Fund to buy distressed assets. The fund is co-sponsored by Bain Capital Credit and received a commitment of $225 million from Canada Pension Plan Investment Board earlier this week.
