Bandhan Bank's search for a new chief is nearing its end, with Swarup Kumar Saha, managing director of state-run Punjab and Sind Bank, emerging as a top contender as the Kolkata-based private sector lender enters the final stretch of naming a successor, people familiar with the matter said.
Saha’s appointment may have been vetted by the Reserve Bank of India and is in the final stage of clearance, the people aware of the development said, requesting anonymity.
“The process of Bandhan Bank’s nomination and remuneration committee recommending a few names to its board and the board in turn approving the same has concluded. The names of potential CEO candidates have been submitted to the regulator for consideration,” said one of the sources.
The board of the Kolkata-based lender had suggested three names to the regulator and Saha's name seems to have got the RBI go-ahead. “A formal announcement is expected soon,” said another person aware of the matter. Global search firm Egon Zehnder was appointed by Bandhan Bank for the CEO hunt.
An email to the bank seeking confirmation on Saha’s appointment remained unanswered till this story was published. “We are not aware of any such development,” said an official spokesperson for Punjab & Sind Bank over email. Saha, too, did not respond to text messages seeking comment.
According to the 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.
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