印度金融机构的新面孔

Prakhar Sharma * | Equity Analyst91 22 4224 6129 | prakhar.sharma@jefferies.comVinayak Agarwal * | Equity Associate+91 22 4224 6178 | vagarwal2@jefferies.comSource: Bloomberg, Company, Jefferies; For IDBI, we haveassumed 13% ROE, similar to FY25 in the absence ofestimates Exhibit 4 - Movement in senior mgt. has intensified in India recently.NameAge (yrs)KVS ManianRajiv Anand*Shanti Ekambaram*Zarin DaruwalaShalini WarrierPrashant Tripathy*Anirudh TapariaShajikumar DevakarSource: Company, Jefferies; *are still in employment with their respective employers and will move out on term completion/ last workingdateExhibit 5 - Strategic foreign investments in Indian banks.MonthInvestorFeb-18Fairfax GroupNov-20DBS IndiaLikelyEmirates NBDSource: Company, Moneycontrol, JefferiesExhibit 6 - Key exits at Kotak Bank in the last 1yr.NameDesignationVirat DiwanjiGroup President and Head - Consumer BankAparna JhunjhunwalaAssociate Director, Kotak PrivateAbhishek DuggalSenior Vice President, Priority BankingSiddhartha AdakSenior Vice President, Structured FinanceNitin JalanNational Credit Head - Mid MarketsMilind NagnurCOO & CTOAmbuj ChandnaHead of Consumer ProductsShanti EkambaramDeputy MDSource: Company, Linkedin, JefferiesExhibit 7 - Key appointments at Federal Bank in the last 1yr.NameKVS ManianNitin JalanVirat DiwanjiSource: Company, Linkedin, JefferiesExhibit 8 - New management team at Poonawalla Fincorp under Arvind Kapil, MD & CEO.NameRole at PoonawallaArvind KapilMD & CEOShriram V. IyerChief Credit and Analytics HeadSalil HajarnisChief Technology OfficerVikas PandeyChief Business Officer (Consumer)Veeraraghavan IyerChief Business Officer (Commercial)Bhaskar PandeyChief Risk OfficerHarsh KumarChief Human Resource OfficerBholananda BeheraChief Compliance OfficerNitin SaneChief Internal AuditorSource: Company, Linkedin, JefferiesPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 9 - ICICIB saw a sharp rerating as business performance & perceptionimproved under new MD & CEO.04008001,2001,600Jun-15Jun-16Jun-17Share price performance of ICICI Bank (Rs)Appointment of Mr. BakshiasMD & CEOSource: Bloomberg, JefferiesExhibit 11 - Valuation of key banks; Smaller banks trade at a significant discount to larger peers.0.80.90.90.01.02.03.04.0RBL BankBOBSource: Bloomberg, Company, Jefferies; For IDBI, we have assumed 13% ROE, similar to FY25 in the absence of estimatesPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Appendix 1 - Detailed staff changes at Banks, Insurers & WealthManagersExhibit 12 - Key management changes at banks.Source: Company, Linkedin, JefferiesPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 13 - Key management changes at insurers.Source: Company, Linkedin, JefferiesExhibit 14 - Key management changes at wealth managers.Source: Company, Linkedin, JefferiesPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. We would like to thank Satvik Kanabar, employee of Evalueserve Inc., for providing research support services to our preparation of this report.Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Prakhar Sharma, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Vinayak Agarwal, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Prakhar Sharma is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Vinayak Agarwal is employed by Jefferies India Private Limited, a non-US affili