The board of directors of IndusInd Bank Ltd. on Friday approved the reappointment of Sumant Kathpalia as the managing director and chief executive officer of the bank.
Kathpalia has been reappointed for the post for a period of three years, effective from March 24, 2025, to March 23, 2028, according to an exchange filing. His reappointment is subject to approval from the Reserve Bank of India and the shareholders of the bank.
Before joining Induslnd Bank, Kathpalia had 36 years of experience working with multi-national banks such as Citibank, Bank of America and ABN AMRO.
Kathpalia has been with IndusInd Bank for 16 years and is a key leader in the organisation. He played a crucial role in overseeing business strategy, financial management, investor relations, mergers and acquisitions, growth opportunities, digitisation, compliance, and governance.
Earlier, RBI had granted approval to the lender for setting up a wholly owned subsidiary to undertake the asset management business of mutual funds.
Shares of Induslnd Bank closed 0.64% higher at Rs 1,462 apiece, compared to a 0.14% fall in the benchmark NSE Nifty. The stock has risen 1.83% in the last 12 months and fell 8.52% year-to-date. The relative strength index was 57.24.
Of the 49 analysts tracking the company, 43 recommend a 'buy', five suggest 'hold' and one recommends 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 19.6%.
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