Partha Pratim Sengupta Appointed as Bandhan Bank’s New CEO and Managing Director Starting November 1

Partha Pratim Sengupta Appointed as Bandhan Bank’s New CEO and Managing Director Starting November 1

Bandhan Bank has announced that Partha Pratim Sengupta will assume the role of Managing Director and Chief Executive Officer from November 1, 2024. This appointment follows approvals from the Reserve Bank of India and recommendations from the Nomination and Remuneration Committee. The Board of Directors formalized Sengupta’s three-year tenure in a meeting held on October 25.

Sengupta brings an extensive career spanning over 40 years, having risen to Deputy Managing Director and Chief Credit Officer at the State Bank of India (SBI). His leadership at Indian Overseas Bank (IOB) beginning in July 2020 marked a significant turnaround, with Sengupta guiding the Chennai-based bank out of the prompt corrective action (PCA) framework. With his extensive experience, Sengupta is expected to focus on improving Bandhan Bank's asset quality, particularly in the microfinance sector, and managing operational costs.

Sengupta’s strategic leadership aims to steer Bandhan Bank toward a more robust liability franchise while potentially reducing its share of microfinance loans. According to analysts at JP Morgan, this shift could stabilize Bandhan’s return on assets (ROA), currently around 2.4%, and lessen its business cycle volatility over time.

Sengupta’s appointment follows the retirement of Chandra Shekhar Ghosh, the founding CEO, on July 9. Since then, Ratan Kumar Kesh, Bandhan’s Executive Director, has served as the interim head and will transition out of this role on November 1 as Sengupta takes the helm.

Bandhan Bank also announced the appointment of Sureshkumar S Pillai as Head of Legal, effective immediately. In a structural reorganization, Jagannadha Rao Suvvari, the current Head of Legal, will now assume the role of Head of Legal Recovery & Litigation, reporting to Pillai.