Sobti to replace Ghose at IndusInd

Will takeover as MD and CEO

MUMBAI: The Hinduja-promoted IndusInd Bank pulled a major surprise by replacing managing director Bhaskar Ghose with ABN Amro’s Romesh Sobti as managing director and chief executive officer of the bank.

In a late night notice to the Bombay Stock exchange on Friday, IndusInd Bank said current managing director Bhaskar Ghose had submitted his resignation to the bank’s Board of Directors.

“The bank also notifies that the Board of Directors, in their meeting held on December 7, 2007, has approved the appointment of Mr Romesh Sobti as managing director & CEO of the Bank, subject to approval of the Reserve Bank of India,” the notice said, without giving any more details.

Confirming the development, chairman of the Hinduja group in India Ashok Hinduja said, “the stock exchange had been informed as Ghose had completed his tenure at the bank.”

Bhaskar Ghose, an MBA from the Indian Institute of Management, Calcutta, joined the Bank in October 2000 as executive director. He was appointed managing director towards the end of April 2001.

Ghose has consented to continue in office until the new incumbent takes over, the BSE announcement said.

r_joel@dnaindia.net