Financial services company IDFC Ltd has roped in Avtar Monga from Bank of America as its new chief operating officer to build the operating architecture for the new businesses the company is planning to launch.
Although the firm did not specify the new businesses, it may well include entering banking, for which the firm has applied for a licence.
Before his appointment at IDFC, Monga served as senior executive with Bank of America and was responsible for running its Global Delivery Centres of Expertise globally. In the past, he has also worked as part of GE Capital’s India management team. At GE, he led its Transport Financial Services business as its CEO. He also served as chief executive of its card JV GEC BPMSL with State Bank of India.
His appointment comes almost a year after a top level management rejig. Last May, Deepak Parekh, founding chairman of the financial services firm, stepped down from his post though he remains in an advisory role. Rajiv B Lall, managing director and chief executive of IDFC took over the reins from Parekh as executive chairman.
IDFC had also elevated Vikram Limaye, deputy managing director, as managing director and CEO.
Starting as an infrastructure finance company, IDFC has diversified over the years and has presence across various financial services segments, including mutual fund, private equity advisory and broking.
Shares of the company declined 0.88 per cent to close the day at Rs 112.55 on the Bombay Stock Exchange in a weak Mumbai market on Thursday.
(Edited by Joby Puthuparampil Johnson)