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Partha Pratim Sengupta has taken charge as the Managing Director & Chief Executive Officer of Chennai-headquartered Indian Overseas Bank (IOB) with effect from July 24.
Prior to this, he was Deputy Managing Director & Chief Credit Officer of State Bank of India (SBI).
He joined SBI as a probationary officer in February 1987 and during his more than three decades of experience with SBI, has served in various capacities in different geographies and has hands-on experience both in retail and corporate banking, said a release.
Sengupta is assuming charge at a time IOB is on the verge of reporting a turnaround in its operations. The PSU lender posted a decent net profit during the March 2020 quarter after reporting a net loss for 18 quarters, the release added.
IOB is hoping to come out RBI’s PCA framework soon as the bank’s net NPA has come down below 6 per cent in the past two quarters, while it seeks to maintain profitability in the coming quarters.
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