IndusInd Bank Is Said To Name Sumant Kathpalia As CEO Romesh Sobti’s Successor
The candidacy of Sumant Kathpalia, who heads consumer loans at IndusInd Bank, has been forwarded to RBI for approval.
IndusInd Bank Ltd. has named Sumant Kathpalia as the successor to Romesh Sobti, managing director and chief executive officer of the private sector lender, sources said.
Kathpalia is the head of consumer loans at the Hindujas-promoted lender and his name has been forwarded to the Reserve Bank of India for approval, they said. Sobti, who has been at the helm for over a decade, will be retiring in March 2020.
On Thursday, IndusInd Bank said that it has finalised a candidate to succeed Sobti as MD and CEO and submitted an application to RBI seeking approval.
Kathpalia, 55, who has been with the bank since 2008, is credited with building the consumer loans portfolio from scratch, as part of a strategy to diversify the loan book adopted by the bank.
Based in New Delhi at present, Kathpalia used to head the consumer loans vertical at ABN Amro Bank. He has also worked in Citi and Bank of America.
After Indusind Bank, HDFC Bank Ltd. will be the next private sector lender that will see a change at the helm, as Founder CEO Aditya Puri is also set to retire next year.
HDFC Bank has started a global search for its next CEO, so that the candidate gets enough time to work alongside Puri.
The c-suites of major private banks have seen a churn in the past one year, with new CEOs being appointed at Axis Bank Ltd. (Amitabh Chaudhry), Yes Bank Ltd. (Ravneet Gill) and ICICI Bank Ltd. (Sandeep Bakhshi) due to corporate governance issues.