Raul Rebello has been appointed as Mahindra & Mahindra Financial Services' chief operating officer, the company said on September 1, confirming CNBC-TV18’s newsbreak.
M&M Fin's Ramesh Iyer had earlier confirmed Rebello’s appointment, who was the Axis Bank’s executive vice-president and head of rural lending & financial inclusion.
Rebello had been working with Axis Bank since January 2003, and his domain knowledge in rural lending ties in well with MMFSL’s core focus.
“Raul Rebello should be joining us pretty soon and it is for the COO position. As we work very deep into the rural market, and I have been saying this over and over, that the next 3-4 years could really be the rural time,” Iyer told CNBC-TV18 on August 26.
He added that the firm is broad-basing the management team to be able to handle all new initiatives, to really go deeper and make the rural market bigger for itself.
MMFSL’s stock has gone up over 13 percent since August 26 when CNBC-TV18 first reported that the firm would induct Rebello.
(Edited by : Kanishka Sarkar)
First Published: IST