Mumbai-based credit information bureau TransUnion CIBIL Ltd has hired an HDFC Bank veteran as its new managing director and chief executive officer.
Rajesh Kumar, who was the group head for HDFC Bank’s retail credit and risk unit, takes over from Satish Pillai, TransUnion CIBIL said in a statement. Pillai has been appointed as the president of TransUnion Asia.
“His (Kumar’s) deep-rooted experience in helping build one of India’s most successful retail credit business at HDFC Bank gives him great insight into better serving our clients and driving growth of our credit information infrastructure, insights, products, and solutions,” Pillai said.
Kumar, an alumnus of TA Pai Management Institute, was part of a leadership team at HDFC Bank that was responsible for conceptualising, managing and growing the lender’s retail credit portfolio. This included consumption and commercial loans, vehicle loans and the payment business.
During his two decades of experience at HDFC Bank, Kumar helped grow its retail lending book to $50 billion, the statement said.
TransUnion CIBIL, a unit of US-based TransUnion LLC, offers services to companies and individuals. Its services include credit reporting, analytics and consulting, customer acquisition and portfolio management.
TransUnion LLC had acquired a majority stake in the company, earlier known as Credit Information Bureau of India Ltd, in 2017. Other investors in the company include Aditya Birla Private Equity, IIFL and private equity firm India Alternatives, according to VCCEdge, the data research arm of Mosaic Digital.
The company reported net sales of Rs 583.35 crore for the year through March 2019, up from Rs 422.37 crore the year before. Net profit jumped to Rs 215.91 crore from Rs 139.63 crore, according to VCCEdge.