18 March 2024 – Poonawalla Fincorp has announced the appointment of Arvind Kapil, currently serving as HDFC Bank’s Group Head, as its new Managing Director & Chief Executive Officer, effective from June 24, 2024. Arvind Kapil brings extensive experience, having overseen HDFC Bank’s mortgage banking business with a book size of Rs 7.5 lakh crore.
The current MD & CEO, Abhay Bhutada, will take early retirement but continue as a Non-Executive Director on the Board. Abhay Bhutada’s elevation to the Group level reflects his significant contributions in transforming Poonawalla Fincorp since its acquisition in May 2021.
Adar Poonawalla, Chairman of Poonawalla Fincorp, expressed confidence in Arvind Kapil’s ability to spearhead the company’s growth trajectory, highlighting his leadership in digital lending innovations and extensive experience at HDFC Bank.
Under Abhay Bhutada’s leadership, Poonawalla Fincorp achieved strong asset quality, superior profitability, and a diversified product portfolio, reaching an AUM of over Rs. 21,000 crore. Bhutada’s strategic vision and execution skills have propelled the company’s growth since the acquisition.
Arvind Kapil’s educational background, including programs at Harvard Business School and IIM Bangalore, underscores his strong foundation and expertise in management and engineering, positioning him well to lead Poonawalla Fincorp.
The market responded positively to the news, with Poonawalla Fincorp’s shares trading 3% higher on the announcement. The appointment of Arvind Kapil signals the company’s commitment to driving further growth and innovation in the financial sector under his leadership.
