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Last Updated : Mar 24, 2020 10:30 PM IST | Source: Moneycontrol.com

Romesh Sobti's stint at IndusInd Bank comes to an end, Sumanth Kathpalia to take over

After his 12-year-long stint at the bank, Sobti will now be handing over the reins to Sumanth Kathpalia.

 
 
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R0mesh Sobti's term as Managing Director and Chief Executive Officer of private sector lender IndusInd Bank  has come to an end, signalling the end of an association which lasted a little over 12 years.

After his 12-year-long stint at the bank, Sobti will now be handing over the reins to Sumanth Kathpalia.

Prior to joining IndusInd Bank, Kathpalia, a chartered accountant, has been associated with ABN Amro Bank, Citibank and Bank of America. Though he has operated across segments, he is best known for his expertise in the consumer business.

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Also Read | Sumant Kathpalia, a veteran banker who built IndusInd's consumer business, takes charge

Sobti made his bow in the banking sector with State Bank of India in the early 70s. His ambition can be gauged from the fact that he left a cushy job to take more challenging roles at a young age with multinational biggies like Standard Chartered (earlier ANZ Grindlays Bank) and ABN AMRO.

When he joined IndusInd on February 1, 2008, the bank's market cap was a mere Rs 6,000 crore. Since then, in the last 10 years, the exceptional growth that the bank has been clocking has seen its market value soar 19 times.

Following news of Sobti's retirement from the bank, IndusInd Bank's stock fell over 30 percent, hitting an 8-year low of Rs 235.55 in trade, while its market capitalisation fell to below the Rs 20,000 crore mark. The share price has almost halved in less than a month.

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First Published on Mar 24, 2020 10:30 pm
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