IndusInd Bank has finalised a potential candidate to replace Romesh Sobti as the Managing Director and Chief Executive Officer of the bank, a regulatory filing by the private lender said. The private lender, however, did not disclose the name of potential successor for the top job in its statement on Thursday.
The bank said that it will present the names to the Reserve Bank of India (RBI) for the approval of the central bank and will reveal the name of the selected candidate after that.
"As mandated under the extant RBI norms, the bank has submitted an application to the central bank, seeking approval for the appointment of the new MD & CEO of the bank," IndusInd Bank said in a filing to the Bombay Stock Exchange.
"On receipt of the RBI approval, the bank will duly make the requisite disclosures to the stock exchanges," it added.
According to a Business Standard report, Sumant Kathpalia, the head of consumer banking, Paul Abraham, the current chief operating officer and Suhail Chander, head of corporate and commercial banking, are top contenders for this position.
Romesh Sobti, who joined the bank in February 2008, will retire in March 2020, when he turns 70. The RBI norms stipulate 70 as retirement age for managing directors at banks. Prior to this assignment, Sobti was the Executive Vice President, Country Executive, India and Head, UAE and Sub-Continent, at ABN AMRO Bank N.V.
Meanwhile, shares of IndusInd Bank closed trade at Rs 1,311.50 apiece, up 1.21 per cent, on the Bombay Stock Exchange on Thursday.
Edited by Chitranjan Kumar