Chennai, July 28, 2010 – The Board of Directors of Cholamandalam Investment and Finance Company Ltd. at its meeting held this evening at Chennai has appointed Mr. M B N Rao and Mr. Vellayan Subbiah to the Board.
Mr. M B N Rao, Former Chairman and Managing Director of Canara Bank and Indian Bank has been appointed as an Additional Director. He also succeeds Mr. M A Alagappan, as Chairman of CIFCL.
Mr. Vellayan Subbiah has been appointed as the Managing Director of the Company and he is slated to join the company in the third week of August 2010.
Profile of Mr. M B N Rao
Mr. M B N Rao has over 38 years of varied experience in the entire gamut of Banking and Finance, Economics, Foreign Exchange, Money and Capital Markets, and Administration.
Mr. Rao was also the Chairman Indian Banks’ Association and is a Director on the Boards of various reputed Companies. Mr. Rao also served as a Member of various Committees constituted by the Reserve Bank of India, Ministry of Finance – Government of India, SEBI and National Institute of Bank Management. He is an Associate of the Chartered Institute of Bankers, London, a Fellow of the Indian Institute of Banking & Finance and a Member of the Singapore Institute of Management. . He was also the Chairman of Indo Hong Kong Finance Limited, Hong Kong and Vice Chairman of Commercial Bank of India, Moscow, Russia.
Mr. Rao, a Graduate in Agriculture, has done his Diplomas in Computer Studies from University of Cambridge and National Computing Center, London.
Profile of Mr. Vellayan Subbiah
Mr. Vellayan Subbiah holds a degree of Bachelor of Technology in Civil Engineering from the IIT Madras. He also holds a Masters in Business Administration from the University of Michigan. USA. His professional experience includes a 6 year stint with Mckinsey and Company, Chicago and associations with 24/7 Customer Inc. Las Gatos and The Carlyle Group, San Francisco. He has been the Managing Director of Laserwords, Chennai, India a leading provider of pre-press services to global publishers since 2005.
Cholamandalam Investment & Finance Company Limited (CIFCL) was incorporated in 1978 as the financial services arm of the Murugappa Group. In 2005, post the joint venture partnership between the Murugappa Group and DBS Bank Limited, Singapore, the Company was renamed as Cholamandalam DBS Finance Limited. Consequent to termination of joint venture with DBS in 2010, the Company has reverted to its original name CIFCL. The Company that commenced business as an equipment financing company has now emerged as a comprehensive financial services solution provider that offers vehicle finance, business finance, home equity loans, stock broking and distribution of financial products to its customers The Company operates from over 200 branches across India with an asset under management of about Rs8546 Crores. The subsidiaries of CIFCL include Cholamandalam Securities Limited, Cholamandalam Distribution Services Limited and Cholamandalam Factoring Limited.
About the Murugappa Group
Founded in 1900, the Rs. 13617 Crores (USD 3.03 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 companies under its umbrella, of which seven are listed and actively traded in NSE & BSE. Headquartered in Chennai, the major companies of the Group include Carborundum Universal, Cholamandalam Investment and Finance Company Limited, Cholamandalam MS General Insurance Company Ltd, Coromandel International Ltd, Coromandel Engineering Company Ltd, EID Parry (India) Ltd, Parry Agro Industries Ltd, Tube Investments of India Ltd and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Construction, Bio-products and Nutraceuticals, the Group has forged strong joint venture alliances with leading international companies like Mitsui Sumitomo, Foskor, Cargill and Groupe Chimique Tunisien. The Group has a wide geographical presence panning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Gromor and Paramfos are from the Murugappa stable.
The organization fosters an environment of professionalism and has a workforce of over 32,000 employees