Edelweiss Finance rejigs top deck to pump up loan growth

MUMBAI: Edelweiss Finance has elevated several senior officials in a structural overhaul that would enable the company to expand loans much faster than the average industry credit growth.

The remit of Deepak Mittal, who has had a long stint with the company, will now include the loan businesses such as structured credit, wholesale and retail mortgages, SME and agri lending. He will co-head the business with Ravi Bubna.

Sumit Rai takes over from Mittal and has been elevated as CEO of Edelweiss Tokio Life.


“Every year, the company is recruiting about 25-30 senior people with more than 15 years of experience at least,” said Edelweiss chairman Rashesh Shah.

It plans to recruit 4,000 people this year, taking the total headcount to about 14,000 people. “In next five years, we aim to grow our loans by 25-30% CAGR,” Shah said.

Nitin Jain and Venkat Ramaswamy will now co-head the global wealth and asset management business that accounts for more than $25 billion in assets under management and advice.

Elsewhere in the group, Siby Antony has been elevated to the post of executive chairman at India’s largest asset reconstruction company, Edelweiss ARC. R K Bansal will take over as managing director.