SMFG India Credit Co. Ltd., formerly known as Fullerton India Credit Co. Ltd., has recently made a significant announcement that has sent ripples of excitement throughout the company. Swaminathan Subramanian, affectionately known as Swami, has been promoted to the esteemed position of Chief Operating Officer (COO). Swami, who previously held the role of Chief People Officer (CPO), will now oversee a wide range of crucial departments including Operations, Technology, Legal, Enterprise Services, Human Resources, and CSR. This elevation is a testament to Swami’s exceptional leadership skills and extensive experience, which have played a pivotal role in the company’s transformation agenda.
Renowned for his sharp business acumen and ability to thrive in complex business environments, Swami has consistently delivered outstanding results and contributed to strategic decision-making with far-reaching business impact. The news of his promotion was met with great enthusiasm by Shantanu Mitra, the CEO & MD of SMFG India Credit, who expressed his delight at witnessing Swami’s growth and expanded responsibilities. In his enhanced role, Swami will spearhead the company’s digital transformation, corporate legal initiatives, operational efficiency, infrastructure development, and prioritize the well-being of employees and the community. This appointment underscores the company’s commitment to cultivating and nurturing talented leaders with proven credentials and a strong aptitude for continuous learning. The entire team extends their best wishes to Swami as he embarks on this exciting new journey.
Chairman of SMFG India Credit, Noboyuki Kawabata, also took the opportunity to congratulate Swami on his well-deserved promotion to the position of Chief Operating Officer. He commended Swami for his profound understanding of the business, dedication, and relentless hard work, which have made a substantial impact on the company’s India franchise and are reflected in his personal growth. Kawabata expressed unwavering confidence that Swami’s deep insights and strategic thinking will continue to propel SMFG India Credit forward as he transitions from his previous role as CPO to the influential position of COO.
Swami boasts an illustrious career spanning over 25 years, during which he has held leadership positions across various geographies such as Africa, Asia, the Middle East, and, of course, India. Prior to rejoining the SMFG India Credit family in May 2021, Swami served as the Group Chief Human Resources Officer (CHRO) for India and Brazil at Sterlite Power, where he headed the HR function. Throughout his career, Swami has made a significant impact on leading global companies including Reliance Capital, JP Morgan, Barclays, Standard Chartered Bank, and Accenture.
With an impressive academic background to match his professional achievements, Swami holds a gold medal in Engineering from Jadavpur University and an MBA from XLRI Jamshedpur, solidifying his commitment to excellence in both technical and managerial realms.
SMFG India Credit Co. Ltd., formerly known as Fullerton India Credit Co. Ltd., operates as a registered NBFC – Investment and Credit Company (NBFC-ICC) under the Reserve Bank of India. As a member of SMFG, one of the largest global banking and financial service groups, SMFG India Credit has been serving the Indian market since 2007. The company has established a widespread presence across 600 towns and over 65,000 villages through its 729 branches, employing over 16,500 individuals. SMFG India Credit is dedicated to providing lending products to underserved and unserved retail and small business borrowers, thereby introducing these individuals to formal credit. The company’s primary services encompass financing for SMEs, working capital loans, loans for commercial vehicles and two-wheelers, home improvement loans, loans against property, personal loans, working capital loans for urban self-employed individuals, and loans for rural livelihood advancement, rural housing finance, and various rural micro enterprises.
Sumitomo Mitsui Financial Group (SMFG) holds a significant 74.9% stake in SMFG India Credit Co. Ltd., positioning it as a dominant shareholder. SMFG itself is a renowned global banking and financial services group with a rich heritage spanning over 400 years in Japan. Offering a diverse range of financial services including commercial banking, leasing, securities, and consumer finance, SMFG is listed on the Tokyo and New York Stock Exchanges and boasts a market capitalization of approximately US$58.4 billion. With high credit ratings of A1 by Moody’s Investors Service and A- by Standard & Poor’s, SMFG is recognized as one of the global systemically important banks (G-SIBs).
In addition to SMFG, Fullerton Financial Holdings (FFH) plays a crucial role as an independently operated strategic and operating investor in financial and related services in emerging markets. FFH aims to create shareholder value by focusing on building unique business models that cater to the Mass Market and SME segments, while also fostering digital innovation within its portfolio companies. As a wholly-owned independent portfolio company of Temasek, an investment company headquartered in Singapore, FFH is dedicated to driving growth and innovation in the financial sector.
Swami’s appointment as Chief Operating Officer heralds a new chapter in the ongoing success story of SMFG India Credit Co. Ltd. With his visionary leadership, extensive expertise, and dedication to driving positive change, Swami is poised to take the company to new heights. As SMFG India Credit continues to serve as a trusted provider of financial services to individuals and businesses across India, Swami’s strategic thinking and transformative initiatives will undoubtedly shape the future of the organization.
