Partha Pratim Senguptawill leadBandhan BankasManaging DirectorandChief Executive Officerfrom November 1, the Bank announced on Friday.. The decision was made public after the Reserve Bank of India gave its nod to Bandhan Bank for Sengupta’s appointment earlier in October. However, it was in a board meeting on October 25, that he received the approval Bank’s Board of Directors to assume the position.. Sengupta will be in office for three years.. “Please be informed that pursuant to the approval of the Reserve Bank of India and on the basis of the recommendation of theNomination and Remuneration Committee, the Board of Directors of the Bank, at its meeting held today, i.e., October 25, 2024, has approved the appointment of Mr. Partha Pratim Sengupta as the Managing Director & Chief Executive Officer of the Bank, for a period of three years, with effect from November 01, 2024,”Bandhan Banksaid in its press release.. Chandra Shekhar Ghosh, the founding MD and CEO of Bandhan Bank, retired on July 9. Following his exit, Executive Director Ratan Kumar Kesh took on the role of interim head to manage the bank’s operations.. Kesh will step down from his role on November 1, handing over the charge to veteran banker Sengupta.. Sengupta brings four decades of banking experience, having started his career at SBI, where he advanced to the position of Deputy Managing Director and Chief Credit Officer.. In July 2020, he became the MD and CEO of Indian Overseas Bank (IOB), where he turned around the Chennai-based lender and helped it exit the prompt corrective action (PCA) framework.. Sengupta’s immediate tasks at Bandhan will involve tackling the asset quality issues that the bank has been experiencing, particularly within its microfinance segment, as well as managing elevated operational costs, experts in banking have said.. Analysts expect a strategic realignment of the business under Sengupta’s leadership.. “We think the focus of the new CEO will be on strengthening the quality of Bandhan’s liability franchise and accelerating the reduction in the share of microfinance loans. This could normalize Bandhan’s ROA down over time from the current level (about 2.4%) but also reduce overall business cyclicality,” said JP Morgan regarding Sengupta’s appointment.. Bandhan Bank also brought Sureshkumar S Pillai on board as Head of its Legal front, the Bank said in a seperate press release. With Pillai’s appointment, Bandhan Bank’s current Legal head, Jagannadha Rao Suvvari will assume a new role as Head of Legal Recovery & Litigation.. “The Board of Directors of Bandhan Bank Limited (‘Bank’), at its meeting held today, i.e., Friday, October 25, 2024, has, inter alia, approved the appointment of Mr. Sureshkumar S Pillai, as Head – Legal of the Bank, with immediate effect. The current Head – Legal of the Bank, i.e., Mr. Jagannadha Rao Suvvari has been assigned a new strategic role as Head – Legal Recovery & Litigation of the Bank and will report to Mr. Pillai,” Bandhan Bank said in its press release.. (You can now subscribe to our Economic Times WhatsApp channel)
