Former SBI chairman Rajnish Kumar joins Baring as adviser
“Yes, I have joined Baring India,” Kumar instructed ET. “It’s an advisory role, I will not be on the board.” He didn’t elaborate on his probably function on the PE agency. People accustomed to the event mentioned Kumar will advise Baring on investments in India and Southeast Asia.
He follows the footsteps of Aditya Puri, former managing director of HDFC Bank, who just lately joined international funding agency the Carlyle group as a senior advisor to information them on Asia investments.
Baring Private Equity (Asia), one of many largest international different funding corporations, and its current credit score funds have made 21 investments throughout mid-sized corporations and deployed round $310 million. Baring, identified for its big-ticket buyouts, manages round $21 billion throughout Asia.
Kumar, who comes with a wealthy expertise of 40 years, is predicted to advise the Baring workforce on scouting portfolio investments and certain alternatives, and assist enhance companies at portfolio corporations.
Kumar, who retired from SBI in October final 12 months, is credited to have made the lender way more resilient to soak up asset high quality shocks, accomplished the mega merger of seven banks with SBI, and made the general public sector lender an all-rounded digitally savvy financial institution.
Under Rajnish Kumar, SBI’s bad loans improved by a 3rd with gross dangerous loans at Rs 1.29 lakh crore within the first quarter of the present monetary 12 months towards Rs 1.86 lakh crore within the second quarter of the fiscal 12 months 2018. During the identical interval, the financial institution’s gross non-performing asset ratio improved to five.44% from 9.97%.
