IndusInd Bank may name Sumant Kathpalia as Managing Director and CEO, media reports suggest. Its current CEO Romesh Sobti, who retires in March 2020, may be offered a non-executive position at the bank, according to reports by CNBC-TV18 and The Economic Times.
Moneycontrol could not independently verify the reports.
Also read: A healthy Q2 likely for IndusInd Bank; asset quality will be closely watched
Sobti, who turns 70 in March 2020, has been the bank’s CEO since FY08. Reserve Bank of India (RBI) norms stipulate 70 as retirement age for managing directors at banks.
Kathpalia, a chartered accountant by qualification, has been with IndusInd Bank since 2008 and heads its consumer banking division.
Before joining IndusInd Bank, he led the consumer banking wing of ABN AMRO. He also worked with Citibank and Bank of America.
Kathpalia, 55, has been involved in developing new products such as loans against property, personal loans and credit cards.
The announcement of Sobti’s successor is expected to made by October-end, the CNBC-TV18 report stated.
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