Axis Bank has named Sumit Bali as its new president and head of retail lending, the private lender said in a statement on Friday.
Axis Bank has named Sumit Bali as its new president and head of retail lending, the private lender said in a statement on Friday. CNBC-TV18 had first reported about Sumit Bali’s move to Axis Bank on June 22.
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"Axis Bank is pleased to announce the appointment of Sumit Bali as President and Head – Retail Lending. Mr Bali joins us from IIFL Finance, where he was the Executive Director & Chief Executive Officer,” the bank’s statement read.
Sumit Bali, prior to his two year stint as chief executive officer of IIFL Finance, served as senior vice president at Kotak Mahindra Bank between 2014 and 2018, where he oversaw consumer banking retail asset products. He also served as the chief executive officer of Kotak Mahindra Prime prior to that.
Bali graduated from St Stephens College in Delhi University and went on to get his post graduate degree from IIM, Ahmedabad. He worked at Glaxo India Ltd and Asian Paints before joining Kotak Mahindra Bank, where he spent a large part of his career.
Axis Bank has been focusing on growing its retail portfolio, which now accounts for 53 percent of its Rs 5.8 lakh crore total loan book. With the bank remaining conservative on wholesale lending, loan growth has been driven by the retail segment, which grew 24 percent over the previous year for the quarter ending March 2020.
The appointment comes after Axis Bank’s retail banking head and executive director Pralay Mondal resigned from his position to join Thrissur-based Catholic Syrian Bank. Mondal is set to leave Axis Bank in September later this year.
First Published: Jul 3, 2020 5:31 PM IST
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