Rejig at Srei after CEO exit

Srei Infrastructure Finance has strengthened its board by appointing former West Pac and ICICI Bank executive Balaji Vishwanathan Swaminathan as additional director on its board.

By A Staff Reporter
  • Published 6.09.18
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Calcutta: Srei Infrastructure Finance has strengthened its board by appointing former West Pac and ICICI Bank executive Balaji Vishwanathan Swaminathan as additional director on its board.

The city-based firm, which announced the appointment after a board meeting on Wednesday, also said chief executive officer Sameer Sawhney had resigned from his position to devote time to his family based in Singapore.

Prior to Srei, Swaminathan was president - international at Westpac Banking Corp Asia. An alumnus of Harvard Business School, he has worked in senior roles in Standard Chartered Bank and Bank of America .

Srei Infrastructure Finance has recorded a 114 per cent growth in consolidated net profit for the June quarter of 2018-19. Net profit during the quarter was Rs 139.55 crore against Rs 65.15 crore a year ago.

Growth in the bottomline was aided by disbursements which grew 35 per cent from Rs 4,406 crore as of June 30, 2017 to Rs 5,941 crore as of June 30, 2018.

Total assets under management have grown to Rs 49,390 crore from Rs 39,766 crore in the year-ago period. The company also said that it has made adequate provisions according to the requirement under the Indian Accounting Standards (Ind AS).

"There is a general feeling of shyness towards the infrastructure sector by banks and non-bank financial institutions. We believe we will perform better during this financial year," said Hemant Kanoria, chairman and managing director of Srei.