Bandhan Bank Gets RBI Nod To Appoint Partha Sengupta As Next MD And CEO

Bandhan Bank Ltd. on Thursday announced that it has received the nod from the Reserve Bank of India to appoint banking industry veteran Partha Sengupta as its next chief executive officer and managing director.

The RBI gave its approval on Oct. 8 to appoint Sengupta as the MD and CEO for a period of three years, the private lender said in an exchange filing.

Sengupta's appointment should come into effect not later than Nov. 10, 2024, it added, citing the central bank's approval.

Bandhan Bank received the acceptance of Sengupta on Oct. 9 and subsequent confirmation on Oct. 10 that "he will step down from his other engagements in compliance with the terms and conditions of the prior approval for the proposed appointment as MD and CEO of the bank," the exchange filing added.

Sengupta, who has around four decades of experience, spent the bulk of his career at the State Bank of India. In 2016, he was elevated as the chief general manager of SBI Kolkata Circle. This was followed by his appointment as deputy managing director and chief credit officer of the bank in 2018.

Between 2020 and 2022, Sengupta was the MD and CEO of Indian Overseas Bank.

Shares of Bandhan Bank on Thursday settled 0.61% lower at Rs 187.7 apiece on the NSE, compared to a 0.07% rise in the benchmark Nifty 50. The stock is down 22.2% year-to-date and by 25.5% over the past 12 months.

Of the 27 analysts tracking the bank, 15 have a "buy" rating on the stock, seven suggest a "hold," and five recommend a "sell," according to the Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 17.7%.