NBFCs step up hunt for top-level executives

New Delhi: Non-banking financial companies that are lightly regulated and face fewer bad loans are filling their corner suites fast as they expand into the smaller towns and cities in India. In November 2016, Magma Fincorp appointed Kaushik Banerjee, who was president of asset finance at Cholamandalam Investments & Finance Co. Ltd as president and CEO of its asset finance unit, in February 2017, Muthoot Capital Services hired Madhu Alexiouse who was National Sales Head, Used Commercial Vehicle Company at India Infoline Finance Ltd, anNBFC and unit of financial services firm IIFL Holdings Ltd as chief operating officer, and in October 2016, Mortgage firm DHFL hired Rajinder Mehta, who was global chief people officer at Zee Entertainment Enterprise Ltd as chief people officer. “Sandeep brings in an interesting combination of investment banking and corporate banking, key expertise areas for doing well in the area of structured credit,” Kaushal Aggarwal, co-founder and managing director of Avendus Capital, told Mint. “There is a growing demand for leaders who can lead strategically by integrating technology into the growth model - product development, customer experience and operations design at NBFCs,” said Preety Kumar, managing partner at executive search firm Amrop India. “New hires today are particularly focused on risk and credit strategies, and expanding into adjacent area, as well as people who have the ability to build out a digital presence.” NBFCs offer substantial fixed pay and stock options that tempt many professionals to shift to this sector, said Roopank Chaudhary, associate partner at Aon Hewitt company, McLagan and head of financial institutions practice at the human resource consulting firm of Aon Plc., Aon Hewitt.