Poonawalla Fincorp appoints HDFC Bank’s Arvind Kapil as new MD & CEO [Video]

Poonawalla Fincorp on March 18 announced the appointment of HDFC Bank’s Group Head Arvind Kapil as its new Managing Director & Chief Executive Officer for a period of five years effective from June 24, 2024. The shares jumped nearly 4% after the announcement and settled 3.7% higher.

Kapil serves as HDFC Bank’s Group Head and oversees the mortgage banking business with a book size of ₹7.5 lakh crore. He was appointed for the position after the current MD and CEO Abhay Bhutada decided to take an early retirement, the NBFC said.

“As we continue to develop new business verticals and move towards our long-term vision of being the best-in-class organization, we are pleased to share that Arvind Kapil would be joining us as MD and CEO, to spearhead this transformation to the next level of growth. Kapil manages a book of over 7 Lakh Crores INR at HDFC Bank and …