KOCHI, India, June 7, 2024 -- Asirvad Micro Finance Limited ('Asirvad'), a subsidiary of Manappuram Finance Limited (MAFIL) (BSE: 531213) (NSE: MANAPPURAM), has appointed Satish Nair as President and Chief Executive Officer (CEO).
Asirvad, headquartered in Valapad, Kerala, is the third largest micro finance institution (in terms of AUM as of June 2023) offering micro finance loans to low-income women. As of June 2023, Asirvad has a presence in 22 States and 4 Union Territories in India through its network of 1,684 branches, with assets under management (AUM) of over Rs 10,000 crore.
Commenting on the development, Mr. V.P. Nandakumar, Chairman, Asirvad, said, "Satish comes aboard to lead the Asirvad team at a time when the micro finance sector is witnessing significant growth. He is the right person to help elevate the company's reach and consequently, implement the company's vision of financial inclusion. I am confident that his understanding of the financial services sector will help Asirvad grow sustainably. I wish him and the team the very best."
Mr B.N. Raveendra Babu, Managing Director, Asirvad, said: "We welcome Satish into the Asirvad family. Satish has rich experience of diverse functions, including treasury, compliance, business development, fixed income research, corporate finance functions, marketing, etc. He has also executed roles in mortgage, credit rating agencies, and internet companies. I look forward to working with him and the team into a realm of growth and success."
Satish Nair, President and CEO, Asirvad, added, "I am delighted to join Asirvad and the Manappuram group. Micro finance sector presents a dynamic opportunity to meet the unmet needs of India's diverse, multi-cultural and large population. With Asirvad's core strength of its people and tech-platform, I believe we can deliver and service the under penetrated segments in the country with simple, easy and faster access to micro-credit. I look forward to working alongside peers in the industry, regulators, government and other stakeholders to continue on our path to serve the underserved and underbanked sections of India."
Prior to joining Asirvad, Satish was head of treasury and corporate affairs at Vastu Housing Finance Corporation Ltd. He has led various functions in the financial services sector, including credit, business development, investor relations, fixed income research, marketing, etc. Satish has previously been associated with credit rating agencies such as Fitch Ratings, India Ratings & Research and Brickwork Ratings. Satish is an alumnus of University of Mumbai from where he graduated in business management and accounting.
MAFIL currently owns 97.59% in Asirvad.
About Asirvad Micro Finance Limited
Incorporated in 2007 to empower low-income women, Asirvad Micro Finance Limited is focused on financial inclusion and social empowerment. Initially concentrated in Tamil Nadu, Asirvad has since expanded its operations nationwide, extending financial support to marginalised individuals striving for economic stability. In 2015, Asirvad became a subsidiary of Manappuram Finance Limited, a listed Non-Banking Financial Companies (NBFC) in India. Through its innovative products and service to the working community, Asirvad continues to empower people in rural and semi-urban areas to aid their entrepreneurial aspirations.
About Manappuram Finance Ltd
Incorporated in 1992 at Thrissur, Kerala, Manappuram Finance Limited is a Non-Banking Financial Company (NBFC) with a nationwide footprint, providing an array of financial solutions. Manappuram Finance Limited is the one of the largest NBFCs in the gold loan sector in India. In 1995, Manappuram Finance Limited was listed on BSE and has since then diversified beyond gold loans to encompass personal, business, and vehicle loans, catering to the diverse needs of its wide customer base.
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