Jio Financial set to hire StanChart India consumer banking head Kusal Roy

Jio Financial Services Ltd has been actively recruiting talent as part of its expansion effort

Mukesh Amabni’s new financial services company, Jio Finance Ltd., is in talks to appoint Kusal Roy, the current country manager of Standard Chartered Plc India, as the CEO of one of its units, the Economic Times reported on Monday. 

Citing sources privy to the matter, the report claimed that Roy is expected to join Jio Finance Ltd, the non-banking finance arm of Jio Financial Services Ltd, in the coming weeks. They added that once Roy transitions to his new role, Jio Finance will seek regulatory approval for his appointment as CEO.

Jio Financial Services has been actively recruiting talent as part of its expansion efforts. KV Kamath was appointed as non-executive chairman before the firm separated from Reliance Industries, Ambani’s flagship company.

 

Additionally, Charanjit Attra was hired from State Bank of India to serve as the chief operating officer.

During his four-year tenure at Standard Chartered, Roy held responsibilities across consumer, private, and business banking, as outlined in his LinkedIn profile.

Meanwhile, Jio Financial has forged a partnership with Blackrock Inc for wealth management and brokerage services, as well as collaborating on affordable digital index-related products. 

The company also intends to venture into mutual funds, insurance, and payments businesses, with an application submitted to the Reserve Bank of India to transition from a shadow lender to a core investment company.

In the quarter ending March (Q4FY24), the firm reported a net profit of Rs 311 crore, a 6 per cent increase from Rs 294 crore reported during the December quarter.

Who is Kusal Roy?

Kusal Roy was appointed the head of Standard Chartered Bank India’s retail banking in 2020. He has nearly 30 years of experience in retail banking, payments industry and the non-banking financial company (NBFC) sector.

Before joining Standard Chartered Bank, he served as the Managing Director and Chief Executive Officer at Tata Capital Financial Services Ltd. Throughout his career, Roy has occupied senior positions at ICICI Bank, Barclays Bank, and Citibank India.

Roy obtained his Bachelor of Technology (BTech) from the Indian Institute of Technology (IIT), Kharagpur, and pursued his post-graduation at the Indian Institute of Management (IIM), Ahmedabad.