India Infoline Finance, backed by the UK-based CDC group, has embarked on a mega hiring plan as it aims to grow loans about 25% a year as more citizens step on to the consumption ladder in the worlds fastest-expanding economy.IIF has poached ace banker Sumit Bali from Kotak Mahindra Bank to head the non-banking unit as its chief executive officer (CEO): The company will also recruit 4,000 people this financial year.Total staff strength would reach 14,000 by March end next year.IIFL Finance may also enter into new businesses like construction finance, two wheeler and car finance where we will use Balis expertise, said a senior executive, who is not authorised to talk to the media.
A major recruitment drive will support such expansion plans, the person said.The companys board would meet in a day or two to approve such a recruitment plan.The company, a subsidiary of IIFL group, aims to attain a loan book size of over Rs 50,000 crore in the next three years from Rs 31,000 crore as on March 31.Earlier, Bali, an IIM Ahmedabad alumnus, was leading the Kotak Mahindra Banks lending businesses, including home loans, loan against property (LAP), business loans, credit cards and personal loans for the salaried individuals.He also donned the role of the CEO of Kotak Mahindra Prime.
He spent more than 12 years in the new-generation private sector bank.The company is also on a branch expansion spree at a time when some lenders are going digital, offering loans.We see huge potential in smaller towns where personal interaction is key to gaining business, said the person cited above.IIFL Finance looks to expand its branch strength to 1800 from about 1200 branches currently to rapidly expand across smaller cities and towns in India.Four years ago, IIFL group appointed Rajashree Nambiar as its CEO from Standard Chartered Bank.
A few months ago, she left to pursue another career opportunity.This week, IIFL groups wealth management firm raised Rs 750 crore from investors, including HDFC Standard Life, Amansa Capital and General Atlantic.We raise capital as and when there is need for funds.
Since inception, promoters have never sold any stake but always diluted to get funds into the company, Nirmal Jain, chairman IIFL group, told ET a few days ago.In the past one year, IIFL Holdings shares surged about 17%, outpacing the broader Sensex that rose 14% during the same period.