IndusInd Bank appoints Sumant Kathpalia as new MD, CEO; to take over from Ramesh Sobti next month

New Delhi: IndusInd Bank on Thursday said it has elevated the bank’s head for consumer banking Sumant Kathpalia as the new managing director and chief executive from March 2020. Kathpalia succeeds Romesh Sobti as MD and CEO for three years. Sobti was the bank"s CEO since 2008.

“As previously advised to the exchanges, the bank’s nomination and remuneration committee and the board had considered and submitted the name of a potential candidate for the role of MD and CEO, to the Reserve Bank of India (RBI), seeking approval for the appointment”, the private lender said in a statement on Thursday.

“The bank has received a communication from the RBI today, approving the appointment of Sumant Kathpalia, who currently heads the Bank’s Consumer Banking business, as the MD and CEO for 3 years, with effect from March 24, 2020, post the retirement of Romesh Sobti, the current MD and CEO,” it said.

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.

Kathpalia used to earlier head the consumer loans vertical at ABN Amro Bank. He has also worked in Citi and Bank of America.

He is a qualified Chartered Accountant and a commerce graduate from Hindu College, Delhi University and a commerce graduate from Hindu College, Delhi University.

The private sector bank promoted by the Hinduja group commenced operations in 1994.

As on 31 December, 2019, Induslnd Bank had 1,851 branches/ banking outlets and 2,721 ATMs spread across 746 geographical locations of the country. The bank also has representative offices in London, Dubai and Abu Dhabi.

--With PTI inputs