Chennai, NFAPost: PNB Housing Finance Limited has said that following an extensive executive search that considered internal and external candidates, its Board of Directors has appointed Hardayal Prasad as Managing Director and Chief Executive Officer of PNB Housing Finance Ltd. 

Hardayal Prasad will assume the position on August 10, 2020.  Neeraj Vyas, the current Interim Managing Director and Chief Executive Officer of the company, will step down from the position on the same date. Hardayal Prasad is a seasoned banker with experience in banking, international operations and credit card industry. He holds Master’s Degree in Chemistry, and is a Certified Associate of Indian Institute of Bankers.

Prasad has been part of State Bank of India for over three decades and has handled several assignments for the bank in various locations in India and abroad. Over the years, he has held multiple leadership positions at State Bank of India including Chief General Manager, LHO Hyderabad; General Manager, LHO Mumbai and Vice President (Trade & Systems), Los Angeles Agency USA, among others.

He was the Managing Director and Chief Executive Officer of SBI Cards. While at SBI Cards he merged the two credit card entities and then came out with its IPO. He also spearheaded the transformational journey and repositioned SBI Cards, a pure play Credit Card Company, with leadership position in the market. 

PNB Housing Finance Chairman of the Board CH SS Mallikarjuna Rao said, “On behalf of the Board, I would like to thank Neeraj Vyas for taking charge as interim Managing Director and Chief Executive Officer of PNB Housing Finance over the last three months and successfully steering the company through these unprecedented times.”

“I am delighted to welcome Hardayal Prasad to PNB Housing Finance. His illustrious track record combined with exceptional leadership qualities and values, make him the right choice to lead PNB Housing Finance in its journey to becoming the leading housing finance company in India,” he added.

Punjab National Bank, the promoter of PNB Housing Finance, has reiterated its ongoing support and commitment to ensure the long-term growth of the company. The bank has decided to infuse capital of up to Rs 600 crore in PNB Housing Finance Ltd, subject to regulatory approvals. 

Neeraj Vyas said that it has been a privilege to work with the team at PNB Housing Finance over the last few months and to serve as interim Managing Director and Chief Executive Officer.

Hardayal Prasad said, “I am honoured to be taking over from Neeraj Vyas to lead PNB Housing Finance. The company has a strong parentage and trusted brand, which resonates with its stakeholders. The company with its pan-India presence, robust operating platforms and excellent customer service is well-positioned to take on the emerging challenges in the mortgage industry.”

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