Money & Banking

IndusInd Bank may name Sumant Kathpalia as new MD and CEO

Our Bureau Mumbai | Updated on November 01, 2019

Private sector IndusInd Bank is likely to apoint Sumant Kathpalia as its new Managing Director and CEO. Kathpalia currently heads the consumer banking division at the private sector lender, and has been responsible for building the bank’s retail franchise. Sources close to the development said the bank had finalised a list of internal candidates to take over the reigns when the current MD and CEO Romesh Sobti retires in March 2020.

The bank’s board of directors, in its meeting on October 30, had finalised a potential candidate for the post of MD and CEO, based on the recommendation of the Nomination and Remuneration Committee. “As mandated under the extant RBI norms, the bank has submitted an application to the RBI, seeking approval for the appointment of the new MD and CEO of the bank,” it had said in a statment on October 31, adding that it would make the requisite disclosure on receipt of approval from the RBI. IndusInd Bank scrip closed 5.18 per cent higher at ₹1,379.45 apiece on the BSE on Friday.

Published on November 01, 2019

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