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Mr. Atul Pande appointed as the Managing Director of Cholamandalam
(March 2006) |
Chennai, 30 March 2006
Cholamandalam DBS Finance Limited, a joint venture between the Murugappa Group and DBS Bank of Singapore has announced that Mr Atul Pande will be the Company’s new Managing Director, effective April 1, 2006. (The company is to be renamed Cholamandalam DBS Finance Limited on receipt of regulatory approvals.)
Mr MA Alagappan, Chairman of the company said, “I am pleased to welcome Mr Atul Pande to Cholamandalam. Post the tie-up with DBS Bank, the company is poised to enter a phase of rapid growth in new products and markets. With his rich experience in the finance and FMCG industries, I am confident Mr Pande will provide the leadership that will enable the company achieve its ambition of being a leader in retail finance in India.”
Before joining Cholamandalam, Mr Pande was Managing Director of Citicorp Maruti Finance Ltd., heading the auto business of Citi Group companies in India.
Mr Pande’s appointment follows the appointment of Mr M Anandan, earlier the MD of CIFCL, as the Managing Director of Cholamandalam MS General Insurance Co. Ltd. Mr Anandan continues as a Director on the Board of Cholamandalam.
Extending a warm welcome to Mr Pande, Mr Rajan Raju, Director of Cholamandalam and Managing Director – South and South East Asia, DBS Bank said, “We are delighted to have Mr Pande on board to lead the transformation of Cholamandalam DBS into a more broad-based leader in the finance sector. He is an experienced professional in the retail finance business and he should be able to build on the strong local base of Cholamandalam as well as leverage on the pan-Asian capabilities of DBS Bank to make Cholamandalam DBS a leader in India."
Mr Atul Pande said, ”I am proud to join a company that represents the coming together of two great institutions – the Murugappa Group and DBS Bank. The company is well positioned to make its mark in the retail finance space and will continue to grow its significant position in the commercial vehicle finance business in India. I look forward to an exciting phase of growth and we expect to be one of the key players in these segments over the next few years.”
About DBS
Headquartered in Singapore, DBS is one of the largest financial services groups in Asia. The largest bank in Singapore and the fifth largest banking group in Hong Kong as measured by assets, DBS has leading positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in Thailand, Malaysia, Indonesia, India and The Philippines. In China, the Bank has branches and representative offices in Shanghai, Beijing, Guangzhou, Shenzhen, Fuzhou, Tianjin, Dongguan and Hangzhou. The Bank's credit ratings are one of the highest among banks competing in the Asia-Pacific region, and the highest among banks in Singapore. More information about DBS Group Holdings and DBS Bank can be obtained from our website
(www.dbs.com).
About Cholamandalam Investment and Finance Co. Ltd
Cholamandalam DBS Finance Limited along with its subsidiaries and affiliates offers individual and institutional customers a range of financial services – automobile finance, capital market finance, mutual funds, securities broking and distribution of investment and insurance products. Cholamandalam shares are listed on Bombay (BSE) and National (NSE) stock exchanges.
(www.cholamandalam.com). The company is to be renamed as Cholamandalam DBS Finance Limited on receipt of regulatory approvals.
Cholamandalam is part of the Rs 6250 crores Murugappa Group, one of India’s largest family-promoted, professionally managed corporate with over 28,000 employees. A pioneer and market leader in several fields with over 40 manufacturing operations across 12 states in India, the group has a strong presence in farm inputs, engineering and cycles, sugar, abrasives, finance, general insurance, sanitaryware, plantations, bio-products and
nutraceuticals. (www.murugappa.com). |
For more information, please contact:
Atul Pande
Managing Director
Cholamandalam DBS Finance Limited
I Floor, Dare House, 2,
NSC Bose Road, Parrys
Chennai 600 001.
Tel: 00 91 44 2530 7172 |
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