Aug 5, 04:36 AM

IndusInd Bank Names Rajiv Anand CEO After $230 Million Accounting Blow

IndusInd Bank has named Rajiv Anand as chief executive officer for a three-year term beginning 25 August, after receiving clearance from the Reserve Bank of India. Anand, currently deputy managing director at Axis Bank, was selected from a shortlist of three candidates, according to people familiar with the process. The appointment seeks to stabilise the Mumbai-based lender following a $230 million loss tied to years of misaccounted internal derivative trades that forced the April resignations of former CEO Sumant Kathpalia and deputy Arun Khurana. IndusInd returned to profit in the June quarter and said it will now prioritise strengthening its senior leadership. The stock rose more than 5% in early trading on optimism over the change at the top. Separately, Japan’s Mizuho Bank has hired Devendra Sharma from Mashreqbank to co-head corporate banking in India, underscoring heightened competition among foreign and domestic lenders to deepen management benches in the country’s fast-growing financial sector.

#IndusInd Bank #Rajiv Anand #Reserve Bank of India #Anand #Axis Bank #Mumbai #Sumant Kathpalia #Arun Khurana #IndusInd #Japan #Mizuho Bank #Devendra Sharma #Mashreqbank #India

Written with ChatGPT .

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