A 29-year-old member of India's wealthy Hinduja clan is taking over the family's Swiss bank.
Hinduja Bank is naming Karam Hinduja as its new CEO, Swiss daily «Neue Zuercher Zeitung» (behind paywall, in German) reported on Monday. He takes over from Gilbert Pfaeffli, a Swiss banker who has run the bank since 2016, effective immediately.
Karam Hinduja is the 29-year-old grandson of Srichand Hinduja, the 84-year-old patriarch of the clan whose reported net worth $30 billion ranks among Switzerland's richest. Born in Britain and raised in Switzerland, Karam represents the newest generation of the Hinduja family. The Swiss bank is chaired by Shanu Hinduja, his mother.
Media Background
The Geneva-based bank, founded by Srichand is 1994, manages $2.5 billion, and maintains offices in London and Dubai. The new CEO, who previously launched media platform Timeless, plans to double Hinduja's asset base in the Swiss bank, he told «NZZ».
Hinduja said he will pursue wealth management as well as business with entrepreneurs to do so – a popular strategy with private banks in Switzerland. He said the Swiss bank's ties to the Asian market mean it can help Swiss companies gain a foothold in the fast-growing region. The clan's financial interests span banking, oil, the defense industry, banking, call centers, and healthcare.
