Fri Oct 11 15:31:59 UTC 2024: ## Bandhan Bank Shares Surge on Appointment of New CEO

**Kolkata, October 10, 2024:** Shares of private sector lender Bandhan Bank surged by 10.3% today following the Reserve Bank of India’s (RBI) approval of Partha Pratim Sengupta as the bank’s new Managing Director and Chief Executive Officer (MD & CEO).

The RBI, in a letter dated October 8, 2024, granted its prior approval for Sengupta’s appointment for a three-year term, effective from the date he assumes charge, which is expected to be no later than November 10, 2024.

Sengupta, an experienced banker with nearly four decades of experience in both retail and corporate banking, has previously held leadership roles at the State Bank of India (SBI) and Indian Overseas Bank (IOB). His extensive experience across various branches and businesses, including retail and commercial banking, forex, trade finance, and credit management, has positioned him as a strong contender for the role.

Sengupta, who holds a degree in Physics Honours and is a Chartered Accountant from the Indian Institute of Bankers, has also received leadership training from esteemed institutions like Harvard Business School, IIM Calcutta, and ISB Hyderabad.

Bandhan Bank’s strong financial performance in the recent quarter, with a 47% year-on-year growth in profit, contributed to the positive market sentiment. The bank’s return on assets (RoA) stood at 2.5% and return on equity (RoE) at 18.8%, indicating a healthy financial position.

Sengupta’s appointment is expected to further strengthen Bandhan Bank’s position in the banking sector. Kotak Institutional Securities, in its report, has given a “BUY” rating on the stock with a fair value of ₹250, citing the bank’s de-risking strategy, healthy business momentum, and comfortable capital adequacy.

Read More