Ex-Citi boss Vikram Pandit to lead JM Fin banking foray

Nimesh Kampani-promoted JM Financial  sought to strengthen its case for a banking license by roping in former Citigroup CEO Vikram Pandit.

At its board meeting , JM Financial approved a proposal to apply for a banking license as per the Reserve Bank of India’s guidelines. Pandit will be nominated as non-executive chairman for the proposed bank, the JM Financial release said.Pandit, and his business partner Hari Aiyar will each buy 1.5 percent stake in JM Financial through warrants, the Mumbai-based financial services group said in a statement.

The warrants issued to Pandit and Aiyar will be priced at Rs 19.05 apiece, reports CNBC-TV18's Sajeet Manghat, quoting sources. These warrants can be converted anytime in the next 18 months.




source:http://www.moneycontrol.com/news/business/ex-citi-boss-vikram-pandit-to-lead-jm-fin-banking-foray_873406.html#toptag