PNB Housing Finance Limited announces that following an extensive executive search that considered internal and external candidates, its Board of Directors has appointed Hardayal Prasad as Managing Director and Chief Executive Officer.
Hardayal Prasad is a seasoned banker with experience in banking, international operations and credit card industry. He will assume the position on Aug 10, 2020 and replace Neeraj Vyas.
Prasad has been part of State Bank of India, India's oldest and largest banking group, for over three decades and has handled several assignments for the bank in various locations in India and abroad. Over the years, he has held multiple leadership positions at State Bank of India including Chief General Manager, LHO Hyderabad; General Manager, LHO Mumbai and Vice President (Trade & Systems), Los Angeles Agency USA among others.
He was the Managing Director & Chief Executive Officer of SBI Cards. While at SBI Cards he merged the two credit card entities and then came out with its IPO. He also spearheaded the transformational journey and repositioned SBI Cards, a pure play Credit Card Company, with leadership position in the market.
Commenting on the management change, CH SS Mallikarjuna Rao, Chairman of the Board, PNB Housing Finance, said: “On behalf of the Board, I would like to thank Neeraj Vyas for taking charge as interim Managing Director and Chief Executive Officer of PNB Housing Finance over the last three months and successfully steering the Company through these unprecedented times."
"I am delighted to welcome Hardayal Prasad to PNB Housing Finance ltd. His illustrious track record combined with exceptional leadership qualities and values, make him the right choice to lead PNB Housing Finance in its journey to becoming the leading housing finance company in India. I wish him the very best and success in this journey,” he added.
Neeraj Vyas also shared that it has been a privilege to work with the team at PNB Housing Finance over the last few months and to serve as interim Managing Director and Chief Executive Officer. "I have had the opportunity to interact with Hardayal Prasad professionally over the years at SBI and have admired his exceptional professionalism and outstanding leadership styl," he said. Vyas is certain that Prasad's diverse and comprehensive experience as a career banker will provide strong confidence to all stakeholders including employees, customers and investors.
Recently, Punjab National Bank, the promoter of PNB Housing Finance has reiterated its ongoing support and commitment to ensure the long-term growth of the Company. The Bank has decided to infuse capital of up to INR 600 crore in PNB Housing Finance Ltd, subject to regulatory approvals. Going forward, the financial services company aims to be in a strong position to deliver on its strategy and capture future opportunities.
As Prasad takes on the responsibility to spearhead the company towards a better future of more growth, he believes with its pan-India presence, robust operating platforms and excellent customer service, PNB Housing Finance is wellpositioned to take on the emerging challenges in the mortgage industry.