Aditya Birla Finance Limited appoints Mr Rakesh Singh as Chief Executive Officer
12th July, 2011
Mumbai: Aditya Birla Finance Limited (ABFL), a leading NBFC and a part of the Aditya Birla Financial Services Group, has appointed Mr Rakesh Singh as Chief Executive Officer. The move demonstrates the Group's continued commitment to strengthening the leadership team in its key growth businesses.Based in Mumbai, Mr Singh will functionally report to Mr Ajay Srinivasan, Chief Executive - Financial Services, Aditya Birla Group. He will be responsible for the day-to-day management of ABFL and for building scale so as to make ABFL a leader and a role model in the sectors in which it operates. Mr Singh will assume position on July 18, 2011.
Commenting on the appointment, Mr Ajay Srinivasan said, "The NBFC space presents attractive opportunities, backed by India's strong economic growth and rising capital needs of businesses, especially SMEs. For the Group, Aditya Birla Finance Limited is a core area of growth and a number of strategic initiatives have been planned to significantly enhance its revenue streams. The appointment of Mr Singh is a crucial step in that direction. He brings with him an in-depth understanding of the business and we look forward to sharing the benefit of his experience. He will work closely with the Group and lead the team in scaling up our NBFC."
Mr Singh joins Aditya Birla Finance Limited from Standard Chartered Bank, where he spent 15 years, starting as Retail Head, Retail Assets (Mumbai and Kolkata) and moving on to become National Business Head for mortgages, his most recent assignment being General Manager SME banking. He was also part of the global leadership team of Standard Chartered Bank.
Aditya Birla Finance Limited is one of India's leading NBFCs engaged in capital finance, corporate finance and project finance.
About Aditya Birla Finance Limited:
Aditya Birla Finance Limited is one of India's most reputed non-banking financial companies (NBFC). Incorporated in 1991, the company is one of the largest players in security based lending, promoter funding and the pioneer of IPO Financing in India. ABFL offers specialised solutions in areas of Capital Market and Corporate Finance.
The Capital Market Group offers its customers the best opportunity to meet their liquidity requirements by providing finance for investments in the capital market. The Corporate Finance Group deals with SMEs and large corporate clients and aims to provide innovative and customised solutions to meet all their funding needs.
With a view to capitalise on the opportunities in the infrastructure, core and emerging sectors, ABFL has expanded its product suite to include project and structured finance solutions catering primarily to the growing mid-market clients across the country. The company hopes to thus contribute to the development of infrastructure facilities of the country, which is a key driver for growth and development.
Through its financing solutions, Aditya Birla Finance Limited enables its customers to pursue ambitious growth strategies, and execute value-creating transactions.
About Aditya Birla Financial Services Group (ABFSG):
Aditya Birla Financial Services Group (ABFSG) has built a significant presence across its verticals, viz., life insurance, asset management, NBFC, private equity, broking, wealth management and distribution and general insurance advisory services.
The seven companies representing Aditya Birla Financial Services Group are Birla Sun Life Insurance Company Ltd., Birla Sun Life Asset Management Company Ltd., Aditya Birla Finance Ltd., Aditya Birla Capital Advisors Pvt. Ltd., Aditya Birla Money Ltd., Aditya Birla Money Mart Ltd. and Aditya Birla Insurance Brokers Ltd. ABFSG is committed to being a leader and role model in a broad based and integrated financial services business. Its 7 lines of businesses, with about 5.5 million customers manages assets worth Rs. 89,571 Crores (USD 19.9 billion) and prides itself for having a talent pool of about 15,000 committed employees. ABFSG has its wings spread across more than 500 cities in India through over 1,700 points of presence and about 200,000 channel partners. This allows ABFSG to offer its customers virtually anything under financial services except a savings or current account. With over Rs. 6,296 Crores in revenues, ABFSG is a significant non-bank player.
ABFSG is a part of Aditya Birla Nuvo Ltd. (ABNL), a USD 4 billion conglomerate having leadership position across its manufacturing as well as services sector businesses. ABNL is a part of the Aditya Birla Group, a USD 35 billion Indian business house operating in 33 countries across the globe.