Press Esc to close
Monday 20 October 2014
News updated at 11:09 PM IST
Weather
Max: 30.8°C
Min : 20.1°C
In Bangalore
Sunny day

Vikram Pandit to head JM Fin's banking foray

Bangalore, May 16, 2013, DHNS :
Former Citigroup chief Vikram Pandit Reuters Image

Former Citigroup chief Vikram Pandit is likely to head a new bank proposed by the integrated financial services group JM Financial which will apply for a banking license under the prescribed RBI guidelines, the company said on Thursday.

In a filing to the exchanges, JM Financial said that as per the decision of its board of directors, Pandit will be nominated as non-executive chairman of the proposed bank. 

Pandit is also likely to make investments in the banking venture. 

Pandit, who is of Indian origin, has made a strategic investment in JM Financial which has issued over 1.16 crore warrants worth about Rs 22.6 crore to him, JM Financial said.


"I continue to believe in the long-term growth prospects of India," Pandit said in a statement on Thursday. "I have known Nimesh and JM Financial for over two decades and believe that, given the opportunity, JM Financial can provide the banking and financial services that the country needs." 

JM Financial Group Chairman Nimesh Kampani said, "We are very excited to have Vikram as a strategic investor," adding that his organisation and Pandit have known and worked with each other extensively for many years since the early days of the growth of financial services in India. 
 
Kampani said that he and Pandit share similar values and expressed confidence that their association would create strong domestic financial services businesses with global best practices and reach.

Pandit and partner Hari Aiyar, who will take a joint 3 per cent equity stake in JM Financial, will also have the right to purchase shares up to the amount prescribed by RBI in the proposed bank, JM Financial said.

Further deepening Pandit’s strategic connections with JM Financial, the latter will expand its lending and financing businesses by issuing $100 million in capital to global funds raised and managed by a firm led by Pandit. JM Financial will nominate Pandit as non-executive chairman of this NBFC.

Pandit, who made an unceremonious exit from Citigroup Inc in October last year after disagreements with its board of directors, will also set up a "distressed asset fund" along with JM Financial, on initial capitalisation of $100 million.

Go to Top

Photo Gallery
Army recruits during their attestation parade at Madras Regimental Centre, Wellington, Ooty on...

Army recruits during their attestation parade at Madras Regimental Centre, Wellington, Ooty on...

In this Wednesday, Oct. 15, 2014 photo, a Kashmiri woman blocks a road during a protest demanding...

In this Wednesday, Oct. 15, 2014 photo, a Kashmiri woman blocks a road during a protest demanding...

Prime Minister Narendra Modi at the 42nd Convocation of the All India Institute of Medical...

Prime Minister Narendra Modi at the 42nd Convocation of the All India Institute of Medical...

Devendra Fadnavis hugs his mother Savita after his victory during the Assembly election in...

Devendra Fadnavis hugs his mother Savita after his victory during the Assembly election in...

Union Minister of State for Commerce and Industry, Nirmala Sitaraman launching the Online Export...

Union Minister of State for Commerce and Industry, Nirmala Sitaraman launching the Online Export...

Prime Minister Narendra Modi with BJP President Amit Shah after the party's parliamentary...

Prime Minister Narendra Modi with BJP President Amit Shah after the party's parliamentary...

In this Oct. 17, 2014 photo, a thick blanket of smoke is seen against the setting sun as...

In this Oct. 17, 2014 photo, a thick blanket of smoke is seen against the setting sun as...

In this Monday, Oct. 13, 2014 photo, an Indian woman uses her hand to put sawdust in an...

In this Monday, Oct. 13, 2014 photo, an Indian woman uses her hand to put sawdust in an...

(L-R) Asha Bhat, Miss Diva Universe 2014 2nd runner up, Noyonita Lodh, Miss Diva Universe 2014...

(L-R) Asha Bhat, Miss Diva Universe 2014 2nd runner up, Noyonita Lodh, Miss Diva Universe 2014...

An Indian man teaches yoga postures to schoolchildren at Delhi Public School in Hyderabad...

An Indian man teaches yoga postures to schoolchildren at Delhi Public School in Hyderabad...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523