Jaspal Bindra, the former high- profile chief executive of Standard Chartered Bank Asia Pacific, today took over as executive chairman of independent brokerage and financial services player Centrum Group.
Centrum group founder Chandir Gidwani will continue to be the promoter of the city-based financial services player.
For the 55-year-old Bindra, one of the poster boys of the Indian management talents in global financial markets, this is a home-coming. He has spent 30 years working at foreign banks, including as CEO of StanC India, which is the largest foregin bank by branch presence with 100 networks.
The Centrum Group, set up in 1995 by Gidwani and Khushrooh Byramjee, has 125 branches spanning 48 cities and offers integrated financial services to corporate and retail clients with its investment banking (equity & debt), wealth management, institutional broking and forex services, and claims to have over 1 million retail customers.
On Bindra joining Centrum, Gidwani said, “This is the perfect time for Jaspal to come in as our executive chairman.
With his rich and extensive global experience, I am sure he will be able to accelerate our growth. His strategy and execution track record will be helpful as we enter the next chapter of growth.”
Bindra chipped in saying “with its reputation, profitable growth track record, large client base and a national presence, the Centrum Group is well-poised for higher growth.
I look forward to working closely both with promoters and their executive team”.
Bindra has had a long and successful global career of over 30 years, of which he spent 18 years with the British lender StanC alone. He joined the Asia-focused British bank in 1998 and became a director in 2010. He has served in leadership roles in Mumbai and several other Southeast Asian centres heading treasury, capital markets, investment and consumer banking.
His last position at StanC was as chief executive of Asia Pacific. In February 2015 the bank had announced that he would be leaving the company in major global revamp.
Bindra is among a handful of Indian-born executives who have reached the pinnacles of the global financial industry.
His contemporaries included Anshu Jain, ex-co-chief executive at Deutsche Bank, and Vikram Pandit, who headed Citigroup during the 2008 global meltdown.
Grew up in Calcutta, Bindra joined Bank of America after an MBA from XLRI Jamshedpur in 1984. He later joined UBS and moved to StanC in 1998 as chief executive for India.
Bindra is credited for making StanC India one of the three largest international banks in the country by assets and its third-largest profit and revenue driver.
His return to the country as a shareholder of Centrum is similar to Citigroup’s Vikram Pandit, who joined hands with Nimesh Kampani-led JM Financial to launch a fund to invest in real estate sector.