Financial Services Group, Edelweiss, announced a series of senior elevations, giving impetus to their growth plan. The change in roles strategically combines experienced employees in the company.
Announcing the development, Rashesh Shah, Chairman and CEO, Edelweiss Group said, “Over the last six years, our PAT has grown at a CAGR of 38% driven by stellar growth across our businesses. The initial and very important platform build-out phase is now complete with all systems and processes in place. We now aim to achieve our full potential through an optimal structure that leverages our internal resources and leadership teams.”
Deepak Mittal will now move to the Credit Business which includes Structured Credit, Wholesale & Retail Mortgages, SME and Agri Lending forming the largest business by revenue of the Edelweiss Group. He will co-head the business with Ravi Bubna.
In his over two decades with the Group, Deepak has played several key roles, his most recent as CEO of Edelweiss Tokio Life Insurance. Here he was instrumental in the rapid scale-up of the life insurance business, making it one of the fastest growing life insurance companies in the Indian private sector today. He brings valuable experience in building and expanding the retail franchise to the Group’s credit business.
“Our objective is to have retail credit account for 50% of our total credit business by 2020. Under Deepak and Ravi’s leadership we are confident that the growth momentum will accelerate,” Shah stated.
Sumit Rai takes over from Deepak and has been elevated as CEO of Edelweiss Tokio Life. He was previously the Chief Distribution officer for the Life Insurance business where he deepened the company’s reach while executing key strategic initiatives.
Nitin Jain and Venkat Ramaswamy will co-head the Global Wealth & Asset Management Business which accounts for over US$25 billion in assets under management and advice. Further strengthening this rapidly growing business, Hemant Daga and Ashish Kehair, have been elevated as Deputy CEOs for this business.
Siby Antony has been elevated to the post of Executive Chairman of Edelweiss ARC. He will mentor an experienced team with diversified skill sets across sourcing, resolution and turnaround. R.K.Bansal will take over as Managing Director, Edelweiss ARC. Both bring long years of experience in Stressed Assets business.
Vikas Khemani will continue to head Capital Markets & Advisory group wherein the focus will be to strengthen and grow the leadership in Investment Banking, Institutional Equities, Prime Brokerage Services and other Corporate and Institutional Advisory activities.
“We encourage and empower lateral growth opportunities, especially to senior leaders who have long demonstrated capability and the values of the Group,” Shah concluded
Pic Credit- Career Builder