IndusInd Bank finalises Sobti’s successor, awaits approval from RBI

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Published: November 1, 2019 2:50:45 AM

Once the RBI approval is received, the bank said it would make the requisite disclosures to stock exchanges.

indusind bank, banking sectorIndusInd Bank’s balance sheet was at Rs 23,000 crore at the time Sobti joined the bank, which has now grown to Rs 2.78 lakh crore.

Private-sector lender IndusInd Bank on Thursday said the board of directors of the bank has finalised a candidate to succeed the current managing director and CEO Romesh Sobti, and has sought the approval of the Reserve Bank of India (RBI) for the appointment.

The bank has not named the candidate yet.

Once the RBI approval is received, the bank said it would make the requisite disclosures to stock exchanges.

According to RBI norms, the upper age limit of managing directors and CEOs of banks is capped at 70, which was raised from the earlier prescribed limit of 65 in 2014.

Career banker Sobti, who is due to retire in March 2020, has been at the helm of the bank since February 2008. Prior to IndusInd, he was country executive and head of UAE and Subcontinent at ABN AMRO Bank NV.
IndusInd Bank’s balance sheet was at Rs 23,000 crore at the time Sobti joined the bank, which has now grown to Rs 2.78 lakh crore.

The bank’s net profit has grown at a CAGR of 41.06% between FY2008 and FY2019. The market cap which was Rs 2,516.90 crore at the end of FY08, grew at a CAGR of 38.6% to `90,888.63 crore as on Thursday.
According to reports, Sumant Kathpalia, 55, is expected to succeed Sobti. Kathpalia built the bank’s retail franchise from scratch.

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