Vikram Pandit the former Citigroup Chief Executive, has teamed up with investment firm Atairos Group to launch a business that will purchase significant stakes in established financial services firms.
Vikram Pandit, who left Citi in 2012, is known to be a keen investor in fintech startups having invested in TransferWise, student lending set-up, CommonBond and marketplace lending technology provider Orchard Platform.
Pandit next anticipates a seismic shift in the financial services industry instigated by new technology, data-driven services and regulation.
Network of Vertical Providers
Over time, he argues, the financial services landscape will evolve from one dominated by the current crop of large, leveraged conglomerate banks and unregulated non-bank rivals to a broader and more decentralised network of vertical providers.
In the new business, named Orogen, Pandit will serve as the Chairman and CEO.
Opportunities in the Fianncial Services Sector
Orogen’s intention will be to take more significant long-term stakes, sometimes controlling, in well established financial services institutions with proven business models.
«I look forward to working with Michael Angelakis and his team at Atairos to identify exciting opportunities in the financial services sector and drive long-term value creation in our underlying businesses,» said Pandit
