India’s PNB Housing Finance has appointed Ajai Kumar Shukla as its managing director and CEO for a five-year term starting December 18, resulting in a 5% increase in the mortgage lender’s shares.
Shukla brings over 30 years of experience in housing and mortgage lending and will take over from Girish Kousgi, who was instrumental in accelerating the company’s growth in the affordable housing sector, outperforming its competitors.
The announcement comes as significant home financiers face growing challenges from banks in the luxury home lending market, while affordable housing has become more appealing due to higher yields and limited competition.
Currently the Chief Business Officer at Tata Capital Housing Finance, Shukla has previously worked with ICICI Bank and LIC Housing Finance in similar capacities.
