IndusInd Bank board finalises appointment of next MD & CEO

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IndusInd Bank on October 31 said its board has finalised the name of the next Managing Director and Chief Executive Officer.

Current MD & CEO Romesh Sobti's term ends on March 23, 2020.

The decision was taken at the bank's board meet.

The bank has submitted an application to the Reserve Bank of India (RBI), seeking approval for the appointment of next managing director and chief executive officer, the bank said in an exchange filing.

According to media reports, the bank is likely to name Sumant Kathpalia as the new MD & CEO. He currently heads the consumer banking division of the bank.

Kathpalia is a chartered accountant by qualification and has been with IndusInd Bank since 2008.

Before joining IndusInd Bank, he led the consumer banking wing of ABN AMRO. He also worked with Citibank and Bank of America. Kathpalia, 55, has been involved in developing new products such as loans against property, personal loans and credit cards.

. He has been heading the bank since February 2008.

Earlier, Sobti had indicated that he would be willing to continue to head the bank, subject to any review in regulatory norms. Presently, norms laid out by the regulator stipulate 70 years as retirement age for MDs at private banks. The retirement age for public sector bank heads is 60 years.