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IndusInd Bank sees executives leave ahead of Sobti taking over

IndusInd Bank sees executives leave ahead of Sobti taking over
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First Published: Wed, Dec 26 2007. 12 12 AM IST

Awaiting nod: Romesh Sobti hasn’t started in the new role as his appointment has yet not been formally cleared by RBI.
Awaiting nod: Romesh Sobti hasn’t started in the new role as his appointment has yet not been formally cleared by RBI.
Updated: Wed, Dec 26 2007. 12 12 AM IST
Mumbai: Close on the heels of Bhaskar Ghose, managing director of IndusInd Bank Ltd, stepping down, a few senior executives of the Hinduja Group-promoted private sector bank have also put in their papers.
Awaiting nod: Romesh Sobti hasn’t started in the new role as his appointment has yet not been formally cleared by RBI.
S. Nagarajan, joint managing director of IndusInd, and Sushil Kumar Jain, head of non-performing asset recovery, have submitted their resignations. Nagarajan was in charge of retail banking, wholesale banking, human resources and information technology.
Insiders in the bank, who did not wish to be named, said more senior executive resignations are on the cards.
A senior IndusInd Bank executive, who also did not wish to be named, confirmed that while Nagarajan and Jain have quit, he was “not aware” of any other senior executive leaving the bank “at the moment”.
Earlier this month, IndusInd Bank had announced that Romesh Sobti, country exective of ABN Amro NV India, will replace Ghose as the managing director. However, Sobti hasn’t started in the new role as his appointment has yet not been formally cleared by the banking regulator, the Reserve Bank of India, or RBI.
With RBI’s nod expected in the first week of January, Ghose continues to oversee IndusInd but does not have the loan sanctioning power of a full-time managing director.
Insiders in the bank said a few business heads of the banks are also likely to be replaced once Sobti walks in with a team of at least four senior executives whose roles in IndusInd Bank are yet to be publicly defined.
In his new assignment, Sobti is expected to be joined by Paul Abraham, who was the head of ABN Amro Central Enterprise Services, the Dutch bank’s business processs operations in India, and K. Sridhar, who currently heads risk management at ABN Amro India, according to people within ABN Amro Bank who didn’t wish to be named.
Both of them have resigned from ABN Amro and a few others there are expected to follow Sobti to IndusInd.
Ghose is being given another responsibility within the Hinduja Group, which is planning to pick up a majority stake in Networth Stock Broking Ltd, a Mumbai-based listed stock broking company, through Amas Bank (Switzerland) Ltd, as previously reported in Minton 21 November.
IndusInd posted net profit of Rs22.3 crore for the quarter ended September up from a profit of Rs17.2 crore in the year-ago quarter. Based on Monday’s closing price on the Bombay Stock Exchange, IndusInd’s market capitalization is Rs4,028 crore.
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First Published: Wed, Dec 26 2007. 12 12 AM IST