Equirus finance adds Mukesh Malik to its board

MUMBAI: Equirus Group has moved quickly to shore up governance at its newly minted lending arm, appointing Mukesh Malik as independent director on the board of Equirus finance, its non-deposit-taking non-banking financial company. The hire brings heavyweight banking experience to an NBFC with big ambitions—and little time to waste.

Malik arrives with more than three decades in global banking and financial services, spanning senior roles at Bank of America, ABN AMRO Bank, Citibank and Aditya Birla Capital. His track record runs deep across retail and corporate banking, technology and digital transformation, risk management and regulatory compliance, both in India and overseas. In short, a steady hand for a business that wants to scale fast, but safely.

A chartered accountant by training, Malik is a graduate of Shri Ram College of Commerce, New Delhi. He is widely regarded for building and running large, complex financial-services operations, and for marrying technology with risk discipline—skills that NBFCs ignore at their peril.

“We are delighted to welcome Mukesh Malik to the board of Equirus finance,” said Ajit Deshmukh, managing director of Equirus. “His exceptional track record in building and scaling financial-services operations, coupled with his deep understanding of NBFC businesses, technology infrastructure and regulatory frameworks, makes him an invaluable addition to our board. His strategic counsel will be instrumental as we build Equirus finance into a leading wealth-focused NBFC with the highest standards of governance, risk management and client service.”

Malik, for his part, sounded equally bullish. “I am pleased to join the board of Equirus finance at an important phase of its strategic journey,” he said. “Equirus has built a strong reputation across investment banking, institutional equities and wealth, and the NBFC presents a natural extension of this platform. I look forward to working closely with the board and management to help build a scalable, well-governed lending franchise, anchored in prudent risk management, robust technology and a sharp focus on client outcomes.”

The opportunity is sizeable. Equirus finance plans to offer bespoke, secured lending products including loan against securities, ESOP financing, market-linked debentures, structured finance and other customised solutions aimed squarely at high-net-worth individuals, family offices and promoters. Management is targeting a high-quality loan book of Rs 3,000 crore over the next few years, underpinned by a tight compliance and risk framework.

The NBFC is also expected to dovetail closely with Equirus wealth, creating what the group calls a unified “One Equirus” experience—part advisory, part balance-sheet, all cross-sell.

Equirus Group, founded 18 years ago, operates across investment banking, institutional securities, wealth and asset management, HNI broking, NBFC and insurance. It has advised on more than 315 transactions across M&A, private equity, IPOs, QIPs, rights issues and structured finance, raising over $15bn in the process.

With Malik on board, Equirus finance is signalling intent: grow fast, govern hard—and play the long game.