Bandhan Bank appoints Ratan Kumar Kesh as interim MD & CEO; Chandra Sekhar Ghosh to step down on July 9

Bandhan Bank's board of directors have approved the appointment of Ratan Kumar Kesh as the interim Managing Director and Chief Executive Officer of the bank to join the office on July 10, according to a Bombay Stock Exchange filing dated July 6.

The Kolkata-based lender's board of directors has approved the tenure of three months for Kesh as the interim MD and CEO of the bank. Kesh has been a part of the bank's management as an Executive Director and the Chief Operating Officer.

Chandra Sekhar Ghosh, the MD and CEO of Bandhan Bank is going to step down from the managerial role on July 9, according to the company's filing.

“I have developed this institution from scratch to this position. And my involvement has been totally operational now. So I need now to take some strategic role at the holding company level, not at the board level at the bank,” said Chandra Sekhar Ghosh, the founder and current MD and CEO of Bandhan Bank in an analyst call on July 8.

Mint reported earlier quoting a banking analyst that Ghosh's resignation was inconsistent with the board's decision to approve the extension of his tenure. The bank's board has approved the reappointment in November 2023 but the Reserve Bank of India has not cleared it.

Ratan Kumar Kesh has expertise in Operations, Technology, Transaction Banking, Product, Affluent Banking, Operations Risk, Enterprise Governance, Intelligent Automation, Digital, Cx and Organization Transformation, according to the company.

Bandhan Bank shares closed 0.07 per cent high at ₹204.45 on July 8, as compared to ₹204.30 after the market closed on Friday, July 5th.

Bandhan Bank launched an array of enhanced trade products on July 8, according to an exchange filing. The products are aimed at increasing confidence in global transactions, said the report.

"The enhanced trade products launched are in line with that vision. The new products underscore our long-standing commitment to innovation and customer-centricity, and truly being a bank for all,” said Chandra Sekhar Ghosh in the report.