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RBI okays Sengupta as CEO at Bandhan Bank
The former MD and CEO of Indian Overseas Bank has been appointed for a period of three years with effect from the date of taking charge
The Reserve Bank of India (RBI) has approved the appointment of veteran banker Partha Pratim Sengupta as managing director and chief executive officer (MD and CEO) of Bandhan Bank, the lender said in a notification to the exchanges on Thursday.
RBI took the decision on the basis of recommendation of the board of directors at Bandhan Bank.
The former MD and CEO of Indian Overseas Bank has been appointed for a period of three years with effect from the date of taking charge, which shall not be later than 10 November, the lender said.
Shares of Bandhan Bank rose as much as 12% in intraday trading on Friday.
The lender said it received Sengupta’s acceptance to take over the role on 9 October and subsequent confirmation on 10 October that he will step down from his other engagements in compliance with the terms and conditions of the prior approval for the proposed appointment.
The proposal for appointment of Sengupta will be placed before the nomination and remuneration committee and the board for consideration and approval, in due course and in compliance with applicable rules, regulations and guidelines, the bank said.
Sengupta has nearly four decades of experience in the industry and has worked across geographies in both retail and corporate banking.
He was groomed at State Bank of India (SBI), where he rose to the role of deputy managing director and chief credit officer before taking over as MD and CEO of Indian Overseas Bank.
Between 2016 to 2018, Sengupta served as chief general manager, SBI Kolkata circle, which included the states of West Bengal and Sikkim and also the Union territory of Andaman and Nicobar Islands. He was a permanent invitee in the board of SBI.