SMFG India Credit CEO & MD Shantanu Mitra to step down
Initially joining SMFG India Credit as the Group Chief Risk Officer in 2010, Shantanu Mitra was elevated to CEO in 2011, serving until 2017.
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Shantanu Mitra, CEO and Managing Director of SMFG India Credit, has announced his intention to step down at the end of this month, according to sources familiar with the matter, as per media reports.
Mitra informed the board about his decision earlier in June, marking an early departure ahead of his term originally scheduled to conclude in September this year.
Mitra's resignation comes shortly after Sumitomo Mitsui Financial Group (SMFG), the parent company of SMFG India Credit, entered into a definitive agreement to acquire a significant stake in Yes Bank for Rs 13,483 crore. The deal, signed in May, is currently awaiting approval from the Reserve Bank of India (RBI).
During FY25, SMFG notably increased its equity investment in SMFG India Credit by Rs 4,300 crore-Rs 1,300 crore in April 2024 and Rs 3,000 crore in December 2024 - as part of its broader strategic expansion in India's financial services landscape, the report added.
Mitra has been associated with the company in two significant stints. Initially joining SMFG India Credit as the Group Chief Risk Officer in 2010, he was elevated to CEO in 2011, serving until 2017. He re-joined the company in 2021 for a second tenure that will conclude with his imminent departure.
