Charanjit Attra, a partner in Financial Accounting Advisory Services (FAAS) at EY India and a former ICICI Securities senior executive, is likely to join the country’s largest lender State Bank of India (SBI) as its new chief financial officer (CFO), multiple sources with knowledge of the matter told Moneycontrol.
Former deputy managing director and CFO Prashant Kumar had moved earlier to YES Bank as part of the Reserve Bank of India’s rescue plan led by SBI. Kumar was replaced in interim capacity by C. Venkat Nageshwar.
“Attra is likely to join SBI on October 1, 2020,” said one of the individuals cited above.
“His past experience as the CFO of two corporates and his stint with the Big 4 worked in his favour. An official announcement can be expected shortly,” added a second individual.
Both the individuals spoke to Moneycontrol on the condition of anonymity.
Attra was unavailable for an immediate comment. EY did not respond to an email query sent by Moneycontrol. SBI was unavailable for an immediate comment.
The public sector lender has also created a position of deputy managing director (finance) which is held by J. Swaminathan.
The incoming CFO will report to Swaminathan, sources added.
Winds of change at SBI
Attra, a chartered accountant who specialises in Indian GAAP, US GAAP, IFRS and SEC regulations, was previously an ED & global CFO at IT company 3i Infotech and CFO and head – Structured Finance Group at ICICI Securities.
He has worked with the ICICI Bank group for more than 12 years in the areas of investment banking , finance (raising of both equity and debt), commercial and retail banking, financial accounting and operations, according to his Linkedin profile.
He has been nominated on various committees of the Institute of Chartered Accountants of India and the RBI, and he also was a special invitee on the National Advisory Committee on Accounting Standards set up in the Ministry of Company Affairs, his profile says.
On March 17, 2020, Prashant Kumar was appointed as the MD & CEO of YES Bank. Recently, Kumar spoke exclusively to Moneycontrol on a range of issues including the challenges faced in the last four months and his vision for YES Bank going ahead.
According to a notification from the Banks Board Bureau (BBB), the name of Dinesh Kumar Khara, who is one of the MDs of the bank, has been recommended as the next chairman of SBI. Moneycontrol had reported on August 18 that current SBI chief Rajnish Kumar will not get an extension.
His term is coming to an end on October 7.