Can Fin Homes, the housing finance subsidiary of state-owned Canara Bank, is soon to welcome a new chief executive officer. Sources in the know say Suresh Iyer, presently the head of the housing finance business at Bandhan Bank, has been shortlisted for the top job.
He is set to join Can Fin Homes in March. “Iyer is presently serving his notice at the bank,” said another person aware of the development.
Iyer started his career with Gruh Finance Limited in 1997, and spent over 25 years with the lender. In 2019, Bandhan Bank concluded the acquisition of Gruh Finance, and since then Iyer has been associated with the bank.
An e-mail sent to Bandhan Bank seeking confirmation of Iyer’s resignation remained unanswered. Meanwhile, in the recently concluded investors’ call, the management of Can Fin Homes indicated that a new CEO has been selected.
“The person who has been selected is expected to join in this financial year,” said the management in the investor conference call held on January 20.
The office of CEO has been vacant since October last year when Girish Kousgi stepped down from the position after serving the lender for a little over three years. He is presently the MD & CEO of PNB Housing, the housing finance subsidiary of Punjab National Bank.
The government has indicated to all the state-owned banks that they have to prune their holdings in non-banking subsidiaries, including para-banking businesses such as insurance held by them.
With work on this in motion, sources indicate that Iyer’s role in Can Fin Homes may be to further tighten processes and controls to improve the perception of Can Fin Homes among investors.
Can Fin Homes is among the leading housing finance companies focusing on the ₹12-20 lakh ticket size category. Its loan book as in December 31, 2022, stood at ₹30,115 crore, and is among the housing finance companies with the lowest non-performing assets. Its gross and net NPA ratios stood at 0.6 per cent and 0.3 per cent in Q3.