Rajiv Anand will be appointed for a three-year tenure, which means he will remain at the helm of affairs at the bank until August 24, 2028, IndusInd Bank said in its exchange filing.
In his previous stint, Rajiv Anand was Deputy MD at Axis Bank where he also oversaw the wholesale banking business and for driving the lender’s digital agenda.
IndusInd Bank has been without an MD & CEO since Sumant Kathpalia announced that he will be stepping down from his position in April this year, taking moral responsibility of the derivative portfolio accounting issue, that led to a sharp correction in the lender’s stock price. The stock though, has since recovered from those levels.
Following the accounting issue, IndusInd Bank reported its first net loss in two decades during the March quarter. It returned to profitability during the most recent quarter, but those figures were substantially lower than last year, although they were higher than the subdued street expectations.
CNBC-TV18 had reported on June 30 that Rajiv Anand is one of the three names that IndusInd Bank has shortlisted for its new MD & CEO ahead of the regulatory deadline. Anand was one of the names shortlisted alongside Anup Saha, who also quit recently as Bajaj Finance’s chief, and Rahul Shukla of HDFC Bank.
Shares of IndusInd Bank had ended at the day’s high on Monday, with gains of 2.5% at ₹803. The stock has recovered 33% from its 52-week low of ₹606 that it had declined to when the derivative accounting issue first came to light earlier this year.
(The June 30 newsbreak on Rajiv Anand was by Ritu Singh.)
