Axis Bank’s retail banking director resigns citing “personal compulsions”

Axis Bank’s retail banking director resigns citing “personal compulsions”

1970-01-01T05: 30: 00 + 0530

Mumbai, June 15 (PTI) The third largest private sector lender, Axis Bank, announced Monday that its executive director Pralay Mondal had resigned due to “personal compulsions” within a year of joining the bank.

Mondal, who joined the bank in April 2019 from small rival Yes Bank and is widely credited with building the highly successful HDFC Bank retail franchise, led the retail segment at Axis Bank.

“It’s an unforeseen but inevitable development due to some personal constraints,” Mondal said in a bank statement.

Sources within the bank said a search process to find Mondal’s replacement is underway and an internal candidate is most likely to succeed him.

The bank’s retail assets grew 24% in 2019-2020, compared to an overall growth of 15%, and accounted for 53% of the bank’s loan portfolio.

It also provided 64 percent of the overall fees, while the share of current account and low-cost savings account balances provided by the retail network stood at 39 percent on an average quarterly basis.

Mondal was handpicked by the bank’s Managing Director and Managing Director, Amitabh Chaudhry, as part of the leadership transformation at the lender.

He succeeded Rajiv Anand, who was appointed executive director of corporate or wholesale banking.

Mondal’s exit comes months after the bank lost its chief financial officer Jairam Sridharan, who became managing director of Piramal Enterprises’ consumer credit business.

There have also been reports of massive staff replacements at the lender under Chaudhry.

In the statement, Mondal said that Axis has a strong franchise and that he will “admire” the company as it continues to grow in the years to come.

Rajesh Dahiya, the bank’s executive director for the business center, said Mondal had made “significant contributions” during his tenure, and added that the lender has a “strong leadership bench”. PTI AA RVK

Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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