Bengaluru, India – December 16, 2019: IndusInd Bank Limited will appoint Sumanth Kathpalia as the new CEO after the retirement of Romesh Sobti in 2020. Sobti is retiring at the age of seventy and Kathpalia is taking the charge as the new CEO in IndusInd at the age of fifty-five.

IndusInd bank is an Indian new generation bank which is based in Mumbai and has established in 1994. The bank provides transactional, market based and electronic banking services and products. The bank is considered as the first new

generation bank in India among all other new private banks.

Romesh Sobti had joined the bank as the Managing Director and CEO during the year 2007-2008. He is having an experience of thirty seven years in public, private and foreign bank sectors. Before his career in IndusInd Bank, he was the Executive vice president, Country Executive, UAE and Sub- Continent at ABN AMRO Bank N.V. Sobti joined ABN AMRO Bank N.V in November 1990 and shifted his position to Country Executive from Chief Manager over a period of eighteen years.

Sumanth Kathpalia is a Chartered Accountant and has an experience of twenty years in banking. He has worked with various prestigious foreign banks like Citibank N.A and Bank of America. Before joining in IndusInd Bank, he was the Head of Consumer Banking at ABN AMRO Bank N .V. and was connected with the bank for eight long years. Kathpalia serves as the head of consumer loan at Hindujas- Promoted lender and he is with the bank since 2008. Kathpalia used to take the initiative of the consumer loans vertical at ABN AMRO Bank.

After IndusInd Bank, HDFC is the largest private sector lender bank that will be appointing the new CEO after the retirement of Aditya Puri who will be hitting seventy in 2020. HDFC will start their search for a new CEO soon for the bank and want them to work under Puri for some days before he retires.

There was a big shake in the c-suits of private sectors which is the reason to appoint new CEOs in most of the private bank sectors.