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Tag: financial sector

  • Mufin Group bags LKP Finance in Rs 370 crore all-cash power move

    Mufin Group bags LKP Finance in Rs 370 crore all-cash power move

    MUMBAI: Mufin Group just made a big-money move. In an all-cash deal that sent ripples through the financial sector, Mufin Group has acquired a majority stake in LKP Finance Limited, boosting its net worth by a hefty Rs 370 crore. More than just an acquisition, this is a power play-one that positions Mufin as a dominant force in the lending industry.

    Mufin Group MD Kapil Garg described the move as a strategic game-changer, “This acquisition is a pivotal step in our journey to scale and transform our business. By leveraging LKP Finance’s capital base alongside Mufin’s expertise in lending, we will drive financial inclusion, enhance liquidity, and introduce cutting-edge financial products. Our vision is to empower businesses and individuals with seamless access to credit, fuelling sustainable economic growth.”

    The acquisition is not just about numbers; it’s about reach. LKP Finance brings with it a strong western India market presence, a deep-rooted financial legacy, and an established reputation. By absorbing LKP’s network and credibility, Mufin Group is gearing up to scale lending operations, expand financial services, and drive sustainable economic growth across key regions.

    With this deal, Mufin Group’s capital base swells by Rs 370 crore, giving it a significant liquidity boost to fuel expansion. LKP Finance’s industry experience, paired with Mufin’s aggressive lending approach, creates a formidable financial powerhouse. The acquisition is set to accelerate Mufin’s mission of providing accessible, innovative, and tailored financial solutions to businesses and individuals alike.

  • Standard Chartered India ropes in P.D. Singh as new CEO from April 2025

    Standard Chartered India ropes in P.D. Singh as new CEO from April 2025

    MUMBAI: Standard Chartered has announced the appointment of P.D. Singh as its chief executive officer (CEO) for India, effective 1 April 2025. Singh will succeed Zarin Daruwala, who is set to retire on 31 March 2025, after an illustrious tenure at the helm.

    Bringing nearly 30 years of experience in banking and finance, Singh holds a double MBA alongside an engineering degree. His career spans leadership and coverage roles across top European and American banks, making him a formidable force in the industry.

    Before joining Standard Chartered, Singh served as CEO of JP Morgan Chase Bank NA India. Prior to that, he spent a decade at HSBC, where he held multiple leadership roles in corporate and commercial banking.

    With deep industry knowledge and a track record of steering financial institutions to success, Singh’s leadership is expected to drive innovation, strengthen client relationships, and accelerate Standard Chartered’s growth in India. His global exposure positions him well to navigate the evolving financial landscape while ensuring continuity and stability.

    As Daruwala prepares to retire, Standard Chartered acknowledges her significant contributions to the bank’s success in India. Under her leadership, the bank witnessed remarkable expansion and innovation, solidifying its position in a competitive market.

    Singh’s appointment signals a bold step towards the future, reinforcing Standard Chartered’s commitment to leadership in India’s dynamic banking sector.