Ujjivan Small Finance Bank names HDFC Bank exec as new CEO

VCCircle | May 17, 2019 at 1:53 PM
  • Ujjivan Small Finance Bank said HDFC Bank’s Nitin Chugh will join as president by August 2019 and take over as managing director and chief executive officer (MD and CEO) from December for a period of three years.
  • In November 2018, the World Bank’s International Finance Corporation (IFC) announced plans to invest up to $50 million (around Rs 350 crore then) debt in Ujjivan Small Finance Bank to help expand its outreach to low-income borrowers and strengthen its balance sheet.
  • In February, VCCircle reported that South- and Southeast Asia-focused private equity firm Creador had made Ujjivan Financial Services Ltd its biggest bet in India after increasing its stake to 9.9% by spending about $28 million (around Rs 200 crore then).