IndusInd Bank Says Board In Process Of Finding Next MD And CEO
IndusInd Bank Ltd. pamphlets are arranged for a photograph in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

IndusInd Bank Says Board In Process Of Finding Next MD And CEO

Bookmark

Private sector lender IndusInd Bank Ltd. on Thursday said its board is in the process of finding the next managing director and chief executive officer.

Pursuant to the recommendation of the nomination and remuneration committee, the board of directors of the bank, at its meeting on Wednesday finalised a potential candidate for the position of MD and CEO, it said in release.

"As mandated under the extant RBI (Reserve Bank of India) norms, the bank has submitted an application to the RBI, seeking approval for the appointment of the new MD & CEO of the bank," it said.

On receipt of the RBI's approval, the bank shall duly make the requisite disclosures to the stock exchanges, it added.

Current MD and CEO Romesh Sobti is set to retire in March 2020, when he turns 70.

The banking regulator has stipulated 70 as the retirement age for managing directors at banks.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.