Financial services firm Infrastructure Development Finance Company Ltd (IDFC) has appointed Ajay Mahajan to head the commercial and wholesale banking for its upcoming bank to be launched later this year, the company said in a release.
Having joined IDFC in October 2013, Mahajan will oversee coverage of SME, mid-cap and large corporates, financial institutions, government business and transaction banking, treasury and markets and investment banking in this new role. In April 2014, he started managing the FMG (financial markets group) portfolio comprising treasury and markets.
Mahajan, who started his career with Bank of America, has over two decades of experience in banking across domestic and foreign banks. In his last role at Bank of America as MD and country treasurer, he was responsible for financial markets, balance sheet management and capital markets businesses.
After that, he joined the founding team of Yes Bank, serving as group president of financial markets, institutions and investment management.
Meanwhile, Mahajan co-founded R-Square Advisors, an investment management and market risk advisory firm, where he provides quant-oriented risk management, fixed income and credit modeling solutions to clients. Earlier he founded FICC Capital, with the objective of building a structured credit business.
He did his master’s in Business Administration from Faculty of Management Studies, New Delhi, and has BE (Hons) in Electrical and Electronics from BITS Pilani and CFA from the CFA Institute, the US.
Last year in August, IDFC appointed Ravi Shankar from Fullerton to head its retail bank.