Bandhan Bank shares fall after Chief Audit Executive resigns

Bandhan Bank shares fall after Chief Audit Executive resigns

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Private lender Bandhan Bank Ltd's shares fell on September 25 after its Chief Audit
Executive has tendered resignation to "pursue alternate opportunities".

In a stock exchange filing on September 24, Bandhan Bank said Ravi Lahoti, Chief Audit Executive, has resigned and his last working day with the bank would be December 21, 2024.

"Ravi Lahoti, Chief Audit Executive of the Bank, has decided to pursue alternate opportunities, and has, accordingly, tendered his resignation from the services of the Bank vide letter dated September 23, 2024," said Bandhan Bank in a stock exchange filing.

At 10:55 am on September 25, Bandhan Bank's shares were trading 1.3 percent lower at Rs 205.06 apiece.

"I have worked in the Internal Audit and AML domain for more than 20 years, including the last 5 years in the Bandhan bank. However at this juncture, after much consideration, I have decided to pursue alternate opportunities and challenges that align with my professional and personal goals. I am willing to serve the required notice period as per the policy of the bank and shall also
ensure a smooth transition," said Lahoti in his resignation letter.

Earlier this month, Moneycontrol reported that Swarup Kumar Saha, managing director of state-run Punjab and Sind Bank, emerged as a top contender to be the new CEO of the Kolkata-based private sector lender.

Global search firm Egon Zehnder was appointed by Bandhan Bank for the CEO hunt.

According to sources, a banker with board-level experience, familiarity with Eastern India, knowledge of Bengali and willingness to shift to Kolkata, the headquarters of Bandhan Bank, were some of the salient requirements for the top job at the bank.