(Reuters) -India’s IndusInd Bank <INBK.NS> said on Monday that its board has appointed Rajiv Anand as chief executive officer for a three-year term starting August 25.
Anand, a veteran banker, is currently the deputy managing director at private lender Axis Bank, and has held key management positions at leading global financial institutions.
He was one of three candidates shortlisted by the bank’s board, Reuters reported last month. The two other candidates were Rahul Shukla and Anup Saha.
Anand’s appointment was confirmed following the Reserve Bank of India’s (RBI) clearance, which has the final authority on senior banking appointments.
IndusInd Bank took a $230 million hit in the year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April.
In the absence of a chief executive, the bank has been steered by the board and a panel of two senior officials.
Last week, the Mumbai-based bank said its “financials have returned to profitability”, as it swung back to profit in the first quarter after its biggest-ever loss in the previous three months.
(Reporting by Mrinmay Dey in Bengaluru and Ira Dugal in Mumbai; Editing by Vijay Kishore and Shailesh Kuber)
