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SMFG India Credit appoints Ravi Narayanan as CEO to drive next phase of growth
Narayanan, who has held senior leadership positions at Axis Bank and HDFC Bank, brings over three decades of experience in retail and branch distribution.
He has also served on the boards of Axis Securities and Axis Mutual Fund.
SMFG India Credit (SMICC), one of India’s leading non-banking financial companies (NBFCs) with an asset under management (AUM) of over ₹60,000 crore and a customer base exceeding three million, has appointed Ravi Narayanan as its new Chief Executive Officer, effective August 28, 2025.
Narayanan, who has held senior leadership positions at Axis Bank and HDFC Bank, brings over three decades of experience in retail and branch distribution. He has also served on the boards of Axis Securities and Axis Mutual Fund.
Announcing the appointment, Rajeev Kannan, Chairman of SMFG India Credit, said, “We are pleased to appoint Ravi Narayanan as CEO for SMFG India Credit. I am confident that his experience in retail and branch network will drive SMFG India franchise into its next era of growth and create significant value for the shareholders.”
Speaking about his new role, Narayanan said, “Building on our strong foundation, I look forward to collaborating with dedicated leaders and employees at SMFG India to accelerate retail business with our offerings and deepen customer engagement through our branch network across the country. My priority would be to drive sustainable growth, forge strategic partnerships, and strengthen our risk and compliance culture to deliver lasting value for all our stakeholders. I am pleased to join SMBC Group, which has a legacy over 400 years, embarking on a journey to expand its footprint and investment in India.”
Nearly two months after acquiring a significant stake in private lender YES Bank, Japanese financial major Sumitomo Mitsui Financial Group (SMFG) is considering an additional investment of around $1.1 billion.
According to media reports, the deal would involve SMFG acquiring 5 per cent stake from the United States (US)-based investment fund Carlyle Group and other minority shareholders. Additionally, the Japanese major may also buy about $680 million in convertible bonds issued by YES Bank to help boost growth, the report added. Earlier this year, SMFG acquired a 20 per cent stake in YES Bank for approximately $1.6 billion. State Bank of India and seven private lenders that had invested in YES Bank during its reconstruction in 2020, sold their stake to SMFG then.
The proposed increase keeps SMFG just under the 26 per cent threshold that, under Securities and Exchange Board of India (Sebi) regulations, would trigger a mandatory open offer for an additional 25 per cent stake.
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