Religare Enterprises Appoints New Board Executives

Vanessa Doctor

8 July 2010

Religare Enterprises appears to be moving closer to its goal of venturing into the banking industry following the appointments of two global financial sector veterans to its executive board.

Stuart Peace and Kathryn Matthews join the firm after the departure of Malvinder Singh and Shivinder Singh as members of the board. Pearce is from the Qatar Financial Centre Authority, where he was the chief executive officer and director-general for the past five years. Matthews is also well-known in the asset management industry, having held executive positions at the likes of AXA Investment Managers and William Mercer.

Also joining the board are group CEO Shachindra Nath and group CFO Anil Saxena.

Religare has yet to detail its banking ambitions, but industry analysts see the hires as compliant with the Reserve Bank of India's plan to allow non-banking financial companies to enter the banking sector provided they meet certain criteria.