Saturday 19 April 2014
News updated at 10:26 AM IST
Weather
Max: 35.4°C
Min : 22.5°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
Runners, wearing jackets from the 2013 Boston Marathon, add their message to a cloth banner after...

Runners, wearing jackets from the 2013 Boston Marathon, add their message to a cloth banner after...

Yesenia Del Carmen 8, carries a cross reading 'No to the Deportations,' 'as she and her...

Yesenia Del Carmen 8, carries a cross reading 'No to the Deportations,' 'as she and her...

South Sudanese fleeing an attack on the South Sudanese town of Rank, rest during arrival at a...

South Sudanese fleeing an attack on the South Sudanese town of Rank, rest during arrival at a...

A sand sculpture of Simon Zelotes preaching the gospel is seen during Holy Week celebrations in...

A sand sculpture of Simon Zelotes preaching the gospel is seen during Holy Week celebrations in...

Rescue workers operate near floats where the capsized passenger ship 'Sewol' sank, during the...

Rescue workers operate near floats where the capsized passenger ship 'Sewol' sank, during the...

Pilgrims light candles held in orange skins on Good Friday in Tanarandy Mission April 18, 2014...

Pilgrims light candles held in orange skins on Good Friday in Tanarandy Mission April 18, 2014...

Leaked oil is seen on the surface of the sea near the site where the capsized passenger ship...

Leaked oil is seen on the surface of the sea near the site where the capsized passenger ship...

Firefighters stand near the remains of beachfront homes which caught fire in Sea Isle City, New...

Firefighters stand near the remains of beachfront homes which caught fire in Sea Isle City, New...

In this Saturday, Feb. 15, 2014, file photo, Miss America 2014 Nina Davuluri attends the NCAA...

In this Saturday, Feb. 15, 2014, file photo, Miss America 2014 Nina Davuluri attends the NCAA...

Women adjust their outfits as they prepare to take part in a ritual dance during a Gaga ceremony...

Women adjust their outfits as they prepare to take part in a ritual dance during a Gaga ceremony...

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