US conglomerate General Electric has appointed Anish Shah as the president & CEO of its finance arm in India GE Capital. He will be the head of GE Capital’s consumer and commercial financial services in India, including strategic partnerships such as SBI Card.
The position got vacant last month when Vicky Bindra quit within three months of taking over as the overall head of GE Capital India. Bindra had joined GE in July 2007 as the head of commercial finance business following a 12-year career with Citigroup. He moved on as MasterCard’s president (Asia-Pacific, Middle East and Africa region) last month.
Meanwhile Anish Shah who succeeds Bindra rejoins GE Capital from Bank of America where he led their debit products business in the US. Prior to BofA, Shah held several leadership positions with GE Capital, including director – Global Mortgage and senior VP- Marketing & Product Development at GE Mortgage Insurance. Anish has also held key assignments with Bain & Company and Citibank.
An IIM (A) graduate, Shah also holds a PhD in accounting and corporate finance from Carnegie Mellon’s Tepper School of Business. He has had 17 years of experience in the financial services industry.
John Flannery, president and CEO of GE Capital, Asia Pacific has said that– “India is an extremely important market for GE and we remain committed to playing an active role in India’s financial services sector moving forward.”
But the firm has been on a cost cutting spree and is believed to have significantly reduced staff in the Gurgaon based operations. New business generation has slowed down considerably and most of the activity is focused on managing existing loan book and other assets. The consumer finance arm which was merged under a single entity sometime back has been the worst hit.
GE Capital, which has been operating in India since 1993 as an NBFC, is engaged in various businesses including corporate finance, asset-based lending, leasing, commercial distribution financing, energy and infrastructure projects financing, merger & acquisition financing, mortgages, loans and credit cards (through ten-year-old JV with SBI).