Jaspal Bindra to Join Centrum Group as Executive Chairman
StanChart ex-honcho may have bought 15-20% stake in the group
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.