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PNB Housing Finance Limited Announces MD & CEO Transition

Posted On: 2020-08-07 23:28:16

PNB Housing Finance Limited announces that following an extensive executive search that considered internal and external candidates, its Board of Directors has appointed Mr. Hardayal Prasad as Managing Director and Chief Executive Officer of PNB Housing Finance Ltd.

Mr Hardayal Prasad will assume the position on Aug 10, 2020. Mr Neeraj Vyas, the current Interim Managing Director and Chief Executive Officer of the Company, will step down from the position on Aug 10, 2020. Mr. Hardayal Prasad is a seasoned banker with experience in banking, international operations and credit card industry. He holds Master's Degree in Chemistry and is a Certified Associate of Indian Institute of Bankers.

Mr. Prasad has been part of State Bank of India, India`s oldest and largest banking group, for over three decades and has handled several assignments for the bank in various locations in India and abroad. Over the years, he has held multiple leadership positions at State Bank of India including Chief General Manager, LHO Hyderabad; General Manager, LHO Mumbai and Vice President (Trade & Systems), Los Angeles Agency USA among others.

He was the Managing Director & Chief Executive Officer of SBI Cards. While at SBI Cards he merged the two credit card entities and then came out with its IPO. He also spearheaded the transformational journey and repositioned SBI Cards, a pure play Credit Card Company, with leadership position in the market.

Commenting on the management change, Mr. CH SS Mallikarjuna Rao, Chairman of the Board, PNB Housing Finance, said: "On behalf of the Board, I would like to thank Mr Neeraj Vyas for taking charge as interim Managing Director and Chief Executive Officer of PNB Housing Finance over the last three months and successfully steering the Company through these unprecedented times. I am delighted to welcome Mr Hardayal Prasad to PNB Housing Finance ltd. His illustrious track record combined with exceptional leadership qualities and values, make him the right choice to lead PNB Housing Finance in its journey to becoming the leading housing finance company in India. I wish him the very best and success in this journey."

"Punjab National Bank, the promoter of PNB Housing Finance has reiterated its ongoing support and commitment to ensure the long-term growth of the Company. The Bank has decided to infuse capital of up to INR 600 crore in PNB Housing Finance Ltd, subject to regulatory approvals. Looking ahead, the Company is in a strong position to deliver on its strategy and is well placed to capture future opportunities."

Neeraj Vyas commented "It has been a privilege to work with the team at PNB Housing Finance over the last few months and to serve as interim Managing Director and Chief Executive Officer. I have had the opportunity to interact with Hardayal Prasad professionally over the years at SBI and have admired his exceptional professionalism and outstanding leadership style. I am certain that his diverse and comprehensive experience as a career banker will provide strong confidence to all stakeholders including employees, customers and investors."

Hardayal Prasad said: "I am honoured to be taking over from Neeraj Vyas to lead PNB Housing Finance. The Company has a strong parentage and trusted brand, which resonates with its stakeholders. The Company with its pan-India presence, robust operating platforms and excellent customer service is wellpositioned to take on the emerging challenges in the mortgage industry. I thank the Board of PNB Housing Finance and look forward to contributing to the profitable growth of PNB Housing Finance".

Shares of PNB Housing Finance Ltd was last trading in BSE at Rs.218.25 as compared to the previous close of Rs. 213.5. The total number of shares traded during the day was 124227 in over 3695 trades.

The stock hit an intraday high of Rs. 225.5 and intraday low of 214.65. The net turnover during the day was Rs. 27350794.

Source: Equity Bulls

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