Jas­pal Bin­dra to Join Cen­trum Group as Ex­ec­u­tive Chair­man

StanChart ex-hon­cho may have bought 15-20% stake in the group

The Economic Times - - Companies: Pursuit Of Profit - Saikat Das & In­du­lal PM

Mum­bai: Jas­pal Bin­dra, for­mer ex­ec­u­tive di­rec­tor and head of Stan­dard Char­tered’s Asian oper­a­tions, is go­ing to play a new en­trepreneurial role as ex­ec­u­tive chair­man of Cen­trum group, one of the largest do­mes­tic fi­nan­cial ser­vices com­pa­nies, the com­pany said on Thurs­day.

Bin­dra’sen­try­in­toIn­di­an­fi­nan­cial ser­vices in­dus­try is com­ing at a time when global banks are re­think­ing their In­dia strat­egy.

“Cen­trum is well poised for higher growth,” said Bin­dra. “The op­por­tu­nity that lies ahead is enor­mous for niche home­grown com­pa­nies and the abil­ity to lead Cen­trum’s next chap­ter is ex­hil­a­rat­ing.”

The move once again high­lights a grow­ing trend among high-pro­file In­dian-ori­gin global bankers to re­turn to their roots af­ter long over­seas stints to lead home­grown fi­nan­cial ser­vice com­pa­nies, or to pur­sue en­trepreneurial am­bi­tions.

Vikram Pan­dit, for­mer CEO of the world’s big­gest bank Citi, teamed up with ace rain­maker Nimesh Kam­pani of JM Fi­nan­cial in 2013 af­ter reach­ing the sum­mit of suc­cess in Wall Street. had re­ported in its edi­tion that Jas­pal Bin­dra was plan­ning to buy a sig­nif­i­cant stake in the com­pany.

ET had re­ported in its April 7, 2016, edi­tion that Bin­dra, with 30 years of ex­pe­ri­ence in for­eign banks, was plan­ning to buy a sig­nif­i­cant stake in the com­pany.

“We are op­er­at­ing in a highly dy­namic and com­pet­i­tive busi­ness en­vi­ron­ment,” said Chandir Gid­wani, founder­pro­moter.“With­his­ric­hand ex­ten­sive global ex­pe­ri­ence, he will be able to ac­cel­er­ate growth within the group.”

“Jas­pal’s strat­egy and ex­e­cu­tion track­recordi­s­ex­act­ly­whatCen­trum

needs,asween­terthenextchap­terof growth,” he said. But, the group has not­men­tionedthe­quan­tum of stake that he will ac­quire.

Bin­dra may have bought any­thing be­tween 15 and 20% stake in the group. With this, he would be the largest share­holder. Chandir may now as­sume a dif­fer­ent role, two peo­ple fa­mil­iar with the mat­ter, told ET.

Some of Bin­dra’s for­mer col­leagues at Stan­dard Char­tered are also ex­pected to join him in lead­er­ship po­si­tions.

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