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Mr Ramesh Sobti

Our Bureau

Mumbai, Dec. 7 In a surprise move, the Hindujas-controlled IndusInd bank on Friday announced appointment of Mr Ramesh Sobti, Executive Vice-President and Country Executive (India) of ABN Amro Bank as the Managing Director and CEO of IndusInd.

In a notice to the stock exchanges, the bank said the appointment follows the resignation of Mr Bhaskar Ghose, as Managing Director.

The board of directors of IndusInd Bank had approved the appointment of Mr Sobti in its meeting today, the bank said in its notice to the BSE.

Mr Ghose has consented to continue in office until the new incumbent takes over, the notice added.

Both Mr Ghose and Sobti were not available for comment.

However, a source said Mr Ghose resigned following certain differences with the management on certain future plans for the bank.

Shares of IndusInd closed at Rs 127.7 on Friday on the BSE, against the earlier close of 128.05. On Thursday the shares had touched a 52-week high of Rs 133.95.

Mr Sobti has 33 years of banking experience in large state owned and multinational banks, including ANZ Grindlays Bank and State Bank of India. His last assignment has been with ABN Amro Bank as Executive Vice President - Country Executive, India and Head, UAE & Subcontinent. His responsibilities included consumer and commercial businesses in India, Pakistan and UAE support.

IndusInd Bank is a new generation private bank. As on September 30, 2007, the bank’s net profit was Rs 22.3 crore against Rs 17.1 crore in the same period last year.

The bank had a GDR issue in March 2007 of about Rs 130 crore, which had increased its net worth to Rs 1056 crore.

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