Fullerton India Credit Company (FICC) has announced that Rajashree Nambiar, Managing Director and Chief Executive Officer, has decided to leave the organization to pursue other interests.
Nambiar will take on an advisory role during the transition period, according to a statement.
Commenting on the development, Shirish Apte, Chairman, FICC, said, “On behalf of both the Boards of FICC and Fullerton India Housing Finance Company Limited (FIHFC), we would like to extend our heartfelt thanks and appreciation to Ms Nambiar for her contributions over the past three years.”
Apte further said, “Since joining FICC in 2018, she has successfully built on the strong foundations of both FICC and FIHFC. The overall strategy and direction for the companies remain unchanged and will continue to be reviewed by the respective Boards from time to time.”
Pavan Kaushal, currently the Chief Risk Officer (CRO), will be appointed as the Chief Operating Officer. Kaushal has more than 30 years of experience in the financial services sector in various senior roles in global banks and consulting. Sunil Kaw will serve as interim CRO.
Pankaj Malik will take on an expanded role as Head of Strategy Execution in addition to his responsibilities as Chief Financial Officer and Chief Compliance Officer. Malik has been with FICC since Sept 2007 with over 20 years of experience in various capacities across finance and allied functions.
Both Kaushal and Malik will be part of an interim Executive Committee reporting to the Board of FICC, the statement said.
Established in 2007, Fullerton India Credit Company Limited is a wholly owned subsidiary of Fullerton Financial Holdings Pte. Ltd., which in turn is a wholly owned subsidiary of Temasek Holdings Pte. Ltd., Singapore.
Fullerton Financial Holdings invests in financial institutions in emerging markets with its prime focus on Business and Consumer banking. FICC has over 14,000 employees in 648 branches and claims to serve over 3.6 million customers in 600 towns and over 58,000 villages across the country.
