Mukesh Ambani's Jio Financial Chasing Top Manager From UK Bank To Head Unit: Report

Billionaire Mukesh Ambani's Jio Financial is reportedly eyeing Kusal Roy, the current India country manager for Standard Chartered, to lead one of its units as CEO as the former looks to make an entry into the growing credit market.

What Happened: Roy is expected to join Jio Finance, the non-banking finance arm of Jio Financial Services, in the upcoming weeks after stepping down from the UK-based lender, Economic Times reported, citing sources. Jio Finance will then likely seek regulatory approval to appoint him as CEO.

Jio Financial Services has been actively recruiting talent as it expands its range of offerings. Prior to this, K V Kamath was appointed as non-executive chairman for Jio Financial before its separation from Ambani's flagship company, Reliance Industries. Additionally, Charanjit Attra was hired from State Bank of India to serve as its chief operating officer.

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During his four-year tenure at Standard Chartered, Roy oversaw consumer, private, and business banking divisions, according to his LinkedIn profile.

Jio Financial has entered into various partnerships to diversify its services. Notably, it has teamed up with Blackrock for wealth management and brokerage services, as well as to develop affordable digital index-related products.

Additionally, Jio Financial plans to introduce a mutual fund and insurance business, alongside its existing payments business. The firm has applied to the Reserve Bank of India to transition from a shadow lender to a core investment company.

In the quarter ending March, Jio Financial reported a net income of ₹311 crore, marking a more than 5% increase from the previous quarter.

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Posted In: EquitiesNewsManagementMarketsJio Financial ServicesMukesh AmbaniReliance Industries