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April 29, 2024

Jio Financial Poised to Appoint Standard Chartered’s Kusal Roy as Unit CEO, Expanding Its Leadership Team

Jio Financial, the burgeoning financial services arm of Mukesh Ambani’s empire, is set to bolster its leadership team with the appointment of Kusal Roy, the current country manager of Standard Chartered Plc India, as the CEO of one of its units. The Economic Times reported that Roy’s transition to Jio Finance Ltd is imminent, marking a significant move for the non-banking finance arm of Jio Financial Services Ltd.

Roy, who held the position of head of Standard Chartered Bank India’s retail banking since 2020, brings nearly 30 years of extensive experience in retail banking, payments, and the non-banking financial sector. His distinguished career includes senior roles at Tata Capital Financial Services Ltd, ICICI Bank, Barclays Bank, and Citibank India.

The appointment of Roy underscores Jio Financial’s aggressive expansion strategy, which has seen it actively recruit top talent. Earlier, KV Kamath was appointed as non-executive chairman, followed by the recruitment of Charanjit Attra from State Bank of India as the chief operating officer.

Jio Financial’s strategic partnerships, including the recent collaboration with Blackrock Inc for wealth management and brokerage services, reflect its ambitions to offer comprehensive financial solutions. Additionally, plans to venture into mutual funds, insurance, and payments businesses signal its evolution from a shadow lender to a core investment company, with an application already submitted to the Reserve Bank of India.

In its latest financial report for the quarter ending March (Q4FY24), Jio Financial recorded a net profit of Rs 311 crore, marking a 6 per cent increase from the previous quarter. These figures highlight the company’s growth trajectory and its commitment to delivering value to stakeholders.

Roy’s expertise across consumer, private, and business banking, as evidenced by his tenure at Standard Chartered, aligns well with Jio Financial’s multifaceted approach. His leadership is expected to drive innovation and excellence within the organization as it navigates through a dynamic and competitive financial landscape.

With Roy’s imminent appointment pending regulatory approval, Jio Financial is poised to further solidify its position as a key player in India’s financial services industry. His educational background, holding a Bachelor of Technology (BTech) from the Indian Institute of Technology (IIT), Kharagpur, and post-graduation from the Indian Institute of Management (IIM), Ahmedabad, underscores his commitment to continuous learning and leadership development.

As Jio Financial continues its expansion journey, the addition of seasoned professionals like Kusal Roy reaffirms its dedication to providing cutting-edge financial solutions and driving sustainable growth in the ever-evolving market.

Jhumpa Lahiri

Jhumpa Lahiri

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