Ravi Narayanan, a veteran banker and former group executive for retail liabilities, branch banking, and products at Axis Bank, is set to become the chief executive officer of SMFG India Credit, according to people familiar with the matter. The move comes as part of a broader management overhaul at Sumitomo Mitsui Financial Group (SMFG).
SMFG has been reshaping its India operations since acquiring Fullerton India Credit in November 2021. Initially taking a 74.9% stake, the Japanese lender increased its ownership to 100% in May last year. This marks the first major leadership change since the acquisition.
Following the deal, former Fullerton head Shantanu Mitra returned as MD & CEO, reinstating much of his earlier leadership team. Mitra stepped down in June this year, after which SMFG installed a three-member interim executive committee with a 90-day mandate. Narayanan is expected to assume charge before the committee’s term ends, marking the first time a top leadership role has gone to someone from outside the Fullerton circle.
Industry chatter suggests Narayanan’s departure from Axis Bank was less about entrepreneurship, as publicly stated, and more linked to strained relationships within the bank’s top management. Nonetheless, Narayanan has expressed optimism about his new role, stating, “Building on our solid foundation, I’m excited to work with the dedicated team and leaders at SMFG India Credit… Accelerating our retail business, fostering sustainable growth, and enhancing client interactions will be my top priorities.”
