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Former Axis executive appointed Piramal’s consumer finance business CEO

Mumbai: Ajay Piramal has hired former Axis Bank CFO Jairam Sridharan to drive its retail business to balance its portfolio as wholesale concentration became a drag. Sridharan, who has been designated as CEO of Piramal’s consumer finance business, was instrumental in pushing Axis’ retail drive.

“Our hope is to create a world class new age AI-led lending business that drives growth of small businesses and fulfils the aspirations of Indian consumers,” said Anand Piramal, executive director, Piramal Group, commenting on Sridharan’s entry into the group.

“We believe greatly in India’s financial services story, both on the wholesale and retail side, and this foray helps us build a more innovative, diversified and complete financial services conglomerate,” he said.

Sridharan comes with over two decades of experience in domestic and international retail finance and was instrumental in raising over $1.8 billion for Axis Bank, the largest private equity infusion in banking.

Earlier, he was the head of the retail lending function where he could help in expanding the retail book 6 times in 5 years. Before joining Axis Bank, Sridharan had served in Capital One Financial, one of America’s most pioneering tech-enabled consumer banks, as head of their ‘new to credit’ card acquisitions. He started his career at ICICI Bank, where he helmed their ‘business intelligence unit’ and developed the analytical capabilities of the bank.

Source: Economic Times