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Mitra to step down at Sumitomo Mitsui India
Mitra, who was to remain in the position util September, told the board of his decision earlier in June, a report said
Shantanu Mitra, chief executive officer (CEO) and managing director of SMFG India Credit, will step down from his role at the end of this month, The Economic Times reported citing people people familiar with the matter.
Mitra, who was to remain in the position until September, told the board of his decision earlier in June, the report added.
His resignation comes shortly after Sumitomo Mitsui Financial Group (SMFG), the parent company of SMFG India Credit, signed a definitive agreement in May to acquire a 20% stake in Yes Bank for Rs13,483 crore.
The transaction is currently pending approval from the Reserve Bank of India (RBI).
Merging SMFG India Credit with Yes Bank is reportedly seen as an important step after the acquisition of the stake.
According to RBI regulations, banks are not allowed to own subsidiaries that operate in the same lending segments as the bank.
SMFG India Credit offers home loans, business loans, and personal loans, areas where Yes Bank also has operations.
The board of SMFG India Credit has not yet decided on a successor to Mitra, people in the know told ET.
In the current financial year, SMFG infused Rs4,300 crore into the company through equity capital—Rs1,300 crore last April and Rs3,000 crore in December.
Mitra has been with the company for two separate tenures. He joined SMFG India Credit in 2010 as group chief risk officer and became CEO in 2011, serving until 2017.
He returned in 2021 to lead the company for a second term that concludes this month.
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