IndusInd Bank appoints Sumant Kathpalia as Managing Director and CEO

In February, the RBI had approved the appointment of Kathpalia as the MD & CEO of the private lender

IndusInd Bank has appointed Sumant Kathpalia as the Managing Director and CEO with effect from Tuesday for a period of three years. The appointment was announced as Romesh Sobti retired as the MD & CEO of the Bank on Monday after a 12 year stint.

In a regulatory filing on Monday evening, the bank said that Kathpalia would take charge as 'Additional Director' on Tuesday and would be designated as MD and CEO.

"Sumant Kathpalia's appointment as Managing Director & CEO, shall be placed for approval of the shareholders at the ensuing Annual General Meeting," the bank said.

In February, the Reserve Bank of India (RBI) had approved the appointment of Kathpalia as the MD & CEO of the private lender.

Kathpalia is a career banker with over three decades of experience in large multi-national banks such as Citibank, Bank of America and ABN AMRO, including his stint as Head - Consumer Banking in IndusInd Bank Ltd, it said.

"He has experience across diverse functions, including business strategy, sales and distribution, operations, systems, risk and credit management, and financial management. Sumant Kathpalia is a Chartered Accountant, and a commerce graduate from Hindu College, Delhi University," said the bank.

However, his new role begins amid troubling times. Last week, IndusInd Bank said it is financially strong, well-capitalised, profitable and a growing entity with strong governance.

It said various market rumours and speculation incorrectly reflect on the bank's financial health and are totally misplaced, motivated and not based on facts.