Shantanu Mitra, the Chief Executive Officer and Managing Director of SMFG India Credit, is set to step down from his position at the end of June, according to sources familiar with the matter. Mitra has already informed the board of his decision. His departure comes shortly after Sumitomo Mitsui Financial Group (SMFG), the parent company of SMFG India Credit, finalized an agreement to acquire a 20% stake in Yes Bank for ₹13,483 crore in May, a deal that is currently awaiting approval from the Reserve Bank of India.

SMFG India Credit is a fully owned subsidiary of SMFG. Mitra's tenure as CEO was originally set to end in September of this year. While SMFG has declined to comment on the matter, sources indicate that the board has begun the search for his successor.

Mitra's association with SMFG India Credit has been in two separate stints. The first was from 2010 to 2017, where he initially joined as the Head of Consumer Risk for Fullerton Financial Holdings, the parent company of SMFG India Credit at the time, in Singapore. He was subsequently promoted to CEO & MD of SMFG India Credit in 2011 and served until 2017. He returned to the company in 2021 and has served as CEO & MD since then.

During his time at SMFG India Credit, Mitra has overseen significant growth and expansion of the company's operations. In September 2024, he projected a 29% growth in the company's consolidated assets under management (AUM) for the fiscal year. He also announced plans to double the number of branches in the company's affordable housing subsidiary, Grihashakti, and increase total assets with expansion planned in Tier II towns and below, in semi urban areas. In the same month, Mitra stated that SMFG India Credit was targeting ₹60,000 crore of assets under management (AUM) by the end of the current fiscal year, up from ₹46,500 crore as of Q1FY25. He also mentioned that the company may require ₹2,000 crore of fresh capital from its parent company by 2026 to support its growth plans.

Before rejoining SMFG India Credit in 2021, Mitra had over 40 years of experience in the financial services industry, including over 20 years at Standard Chartered Bank and Citibank, where he held positions in India, Singapore, and Thailand. His last role at Standard Chartered Bank was Senior Regional Risk Officer, India, Middle East & Africa, based in Mumbai. He holds a BSc in Statistics from the University of Calcutta, India, and is a Member of the Institute of Chartered Accountants, England & Wales.

In FY25, Sumitomo Mitsui Financial Group invested ₹4,300 crore equity capital in the bank, including ₹1,300 crore in April 2024 and ₹3,000 crore in December 2024.