Rajiv Anand Appointed CEO of IndusInd Bank Amid Financial Turmoil
IndusInd Bank appoints Rajiv Anand as CEO for a three-year term starting August 25, following a $230 million financial setback. Anand, currently at Axis Bank, is a veteran in banking with notable roles in global financial institutions. His appointment comes after CEO Sumant Kathpalia's resignation.
India's IndusInd Bank announced that Rajiv Anand has been appointed as the new chief executive officer, set to begin his three-year tenure on August 25. This decision follows a significant financial crisis faced by the bank.
Anand is currently serving as the deputy managing director at Axis Bank, and he brings a wealth of experience from senior positions in top global financial organizations. His appointment was one of three considered by the bank's board, as per recent reports by Reuters last month.
The leadership change comes in the wake of a $230 million loss reported in the fiscal year ending March 31 due to prolonged misaccounting of internal derivative trades, which led to the departures of former CEO Sumant Kathpalia and deputy manager Arun Khurana in April.
(With inputs from agencies.)
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