Bandyopadhyay: Exit mode

Mumbai, Nov. 6: Sudip Bandyopadhyay, credited with turning Anil Ambani’s Reliance Money into a financial services powerhouse, has left the company.

Bandyopadhyay has joined B.K. Modi’s Spice group, which has now sent out a strong signal of its ambitions in financial services.

Bandyopadhyay was with the Anil Ambani group for four-and-half years; under him, Reliance Money became India’s largest financial broking and distribution company with a customer base of more than 3.5 million and a presence in over 5,000 cities.

He has joined the Spice group as group president, financial services. Bandyopadhyay has over two decades of industry experience and has worked in some leading FMCG companies such as ITC and Hindustan Unilever Ltd.

Speaking to The Telegraph, Bandyopadhyay said that within financial services, the Spice group would venture into asset management, insurance, broking and distribution, and micro-finance.

Spice has incorporated three companies — Spice Securities, Spice Commodities and Spice Insurance — for its foray into equity, commodity and insurance brokerages.

Besides, the group has already acquired over 60 per cent stake in Wall Street Finance, which is into money changing and money transfers.

At one point of time, Reliance Money held over 36 per cent in Wall Street Finance. However, in early September the ADAG firm sold the stake to Wall Street Finance’s erstwhile promoters following which the B.K. Modi group acquired a controlling stake.

“While we will be in the entire financial services domain, we will look at growing via the greenfield route and also through acquisitions,’’ Bandyopadhyay said.

Spice will look at acquisitions in asset management and insurance, while it will build its broking and micro-finance businesses. The group is not only looking at India but also overseas. “We will look at the Israel to Indonesia regions as there is significant growth potential. Similarly, we are not averse to acquiring money transfer companies in countries such as Sri Lanka and Nepal,’’ he said.