Chandra Shekhar Ghosh, set to resign as Bandhan Bank s CEO & MD, cites strong business momentum as reason and the rime being right. He plans to transition to a strategic role within the group s holding company. Speculation rises over his successor, with a search committee expected to be formed. Bandhan Bank shares see a significant drop.
Bandhan Bank share price: Kotak said investors are now most likely to wait for more than a few quarters to assess the situation, review the new appointment and the subsequent changes that are likely to happen.
The discomforting situation in Bandhan Bank's case, however, has been the timing with the approval for renewal pending only with the RBI and, perhaps, better succession planning would have been an acceptable outcome, it said.
Chandra Shekhar Ghosh, MD and CEO of Bandhan Bank since 2015, will retire on July 9, 2024, after three consecutive terms. The bank s loans have reached Rs 1.28 lakh crore, showing a 17.8% growth year-on-year.