Dutch financial firm, ING today announced the appointment of M Damodaran as chief representative and advisor for ING in India. Damodaran, in this non executive role, Mr. will work with the management and partners of both ING's banking, insurance and investment business units to further expand ING's position in the financial services sector in India.
Damodaran has over 30 years of experience in financial services and public sector experience to ING, having held various roles at the ministries of finance, commerce and broadcasting and information and the Reserve Bank of India. Prior to his appointment at ING, he was the chairman of the Securities and Exchange Board of India (SEBI). In July 2001, he was appointed chairman of Unit Trust of India, India's largest mutual fund promoted by the government. Damodaran also served on various committees set up by the Government of India as well as the Reserve Bank to reform the banking sector. He was also elected chairman of the 80 members Emerging Markets Committee of IOSCO.
Damodaran holds degrees in economics and law from the universities of Madras and Delhi.
Eli Leenaars, member of the Executive Board for ING Group, coordinating ING's overall India strategy, said, ''Damodaran's distinguished career, as well as his wide network of relationships in the Indian financial sector, makes him a valuable addition to ING."
His recognised expertise will significantly contribute to the execution of our growth strategy in India.,'' he added.
ING, which started its operations in India in 1994 currently employs 10,000 staff and is well positioned to achieve significant growth in the one of the world's fastest growing economies. It is the only foreign financial services company to have banking, insurance and investment operations in the country.