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New PNB Housing MD Takes Charge, Stocks Soar
12 Dec
Summary
- Ajai Kumar Shukla appointed as MD & CEO of PNB Housing Finance.
- Shukla brings over three decades of housing and mortgage experience.
- Appointment follows competition shift towards affordable housing.
Ajai Kumar Shukla has been appointed as the new Managing Director and Chief Executive Officer of PNB Housing Finance, with his tenure commencing on December 18 for a period of five years. This significant leadership change saw the company's shares rise by 5% following the announcement.
Shukla brings extensive expertise to PNB Housing, boasting over three decades of experience in the housing and mortgage lending sectors. He previously held key positions at ICICI Bank and LIC Housing Finance, and most recently served as the chief business officer at Tata Capital Housing Finance.
The appointment occurs at a time when the housing finance industry is experiencing a strategic pivot. Large financiers are navigating intensified competition from banks in the premium home segment, leading to a greater focus on the affordable housing market, which offers attractive yields and faces less competition.
