Shantanu Mitra to step down as SMFG India’s CEO and MD

Mumbai: SMFG India Credit score’s chief government officer and managing director, Shantanu Mitra, has knowledgeable the board that he can be stepping down on the finish of this month, in line with folks aware about the matter. Mitra conveyed his resolution earlier this month, they mentioned.

The event comes shut on the heels of Sumitomo Mitsui Monetary Group (SMFG) signing a definitive settlement to amass a 20% stake in Sure Financial institution for ₹13,483 crore. The deal, signed in Could, is awaiting approval from the Reserve Financial institution of India. SMFG India Credit score is a 100% subsidiary of SMFG.

His time period with the finance firm was set to finish in September this 12 months.

SMFG declined to remark.

The folks cited earlier mentioned SMFG board is but to search out his substitute. In FY25, Sumitomo Mitsui Monetary Group invested ₹4,300 crore fairness capital in financial institution, together with ₹1,300 crore in April 2024 and ₹3,000 crore in December 2024. Mitra has had two stints on the company-the first from 2010 to 2017, after which from 2021 to 2025. In his first stint, he joined as a bunch chief threat officer and was subsequently promoted as CEO in 2011.