MUMBAI: HDFC Financial institution’s mortgage enterprise head Arvind Kapil has filed papers to take cost as MD & CEO of Poonawalla Fincorp. Kapil is a 25-year veteran of HDFC Financial institution and was positioned in command of the legacy housing finance enterprise of HDFC after its merger with the financial institution final 12 months.“Given the sheer size of the mortgage portfolio (Rs 7.5 lakh crore) and the material importance of distribution, we believe there is key managerial personnel risk (for HDFC Bank),” mentioned Suresh Ganapathy of Macquarie.He famous that that is the second main exit in mortgages with the top of HDFC gross sales Santosh Nair quitting to hitch Bandhan Financial institution final month.Poonawalla Fincorp, in a press release to inventory exchanges, mentioned that Kapil will be part of the corporate on June 24, topic to approvals. Shares of Poonawalla Fincorp rose 1.5% after the announcement. Earlier than taking cost of the Rs 7.5-lakh-crore mortgage enterprise at HDFC Financial institution, Kapil led the retail lending enterprise on the financial institution, which included unsecured loan20s, auto loans, two-wheeler loans, retail working capital loans, gold loans, loans in opposition to shares, house loans, microfinance, and enterprise loans.“Given his leadership, execution skills and business acumen, (Current MD & CEO) Abhay Bhutada has been elevated to group level and will be taking up a strategic and larger role at the Cyrus Poonawalla Group for managing its strategy, investment and finance,” mentioned Adar Poonawalla, chairman, Poonawalla Fincorp.

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