Asirvad MFI appoints Satish Nair as President and CEO

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Asirvad MFI appoints Satish Nair as President and CEO
Asirvad MFI appoints Satish Nair as President and CEO

As of June 2023, Asirvad has a presence in 22 states and 4 Union Territories in India through its network of 1,684 branches, with assets under management (AUM) of over Rs 10,000 crore. 

Kochi, IndiaJune 7, 2024 (PRNewswire): Asirvad Micro Finance Limited (‘Asirvad’), a subsidiary of Manappuram Finance Limited (MAFIL) (BSE: 531213) (NSE: MANAPPURAM), has appointed Satish Nair as President and Chief Executive Officer (CEO).

Asirvad, headquartered in Valapad, Kerala, is the third largest microfinance institution (in terms of AUM as of June 2023) offering microfinance loans to low-income women. As of June 2023, Asirvad has a presence in 22 states and 4 Union Territories in India through its network of 1,684 branches, with assets under management (AUM) of over Rs 10,000 crore.

Commenting on the development, Mr. V.P. Nandakumar, Chairman, Asirvad, said, “Satish comes aboard to lead the Asirvad team at a time when the microfinance sector is witnessing significant growth. He is the right person to help elevate the company’s reach and, consequently, implement the company’s vision of financial inclusion. I am confident that his understanding of the financial services sector will help Asirvad grow sustainably. I wish him and the team the very best.”

Mr. B.N. Raveendra Babu, Managing Director, Asirvad, said: “We welcome Satish into the Asirvad family. Satish has rich experience in diverse functions, including treasury, compliance, business development, fixed income research, corporate finance functions, marketing, etc. He has also executed roles in mortgage, credit rating agencies, and internet companies. I look forward to working with him and the team in a realm of growth and success.”

Satish Nair, President and CEO, Asirvad, added, “I am delighted to join Asirvad and the Manappuram group. The microfinance sector presents a dynamic opportunity to meet the unmet needs of India’s diverse, multi-cultural, and large population. With Asirvad’s core strength of its people and tech platform, I believe we can deliver and service the under-penetrated segments of the country with simple, easy, and faster access to microcredit. I look forward to working alongside peers in the industry, regulators, government, and other stakeholders to continue on our path to serve the underserved and underbanked sections of India.”

Prior to joining Asirvad, Satish was head of treasury and corporate affairs at Vastu Housing Finance Corporation Ltd. He has led various functions in the financial services sector, including credit, business development, investor relations, fixed income research, marketing, etc. Satish has previously been associated with credit rating agencies such as Fitch Ratings, India Ratings & Research, and Brickwork Ratings. Satish is an alumnus of the University of Mumbai, from which he graduated in business management and accounting.

MAFIL currently owns 97.59% of Asirvad.

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