Bandhan Bank Taps Egon Zehnder for CEO Search as Chandra Shekhar Ghosh Prepares to Retire

22 Apr 2024 , 06:59 AM

Bandhan Bank, headquartered in Kolkata, has enlisted the services of executive search firm Egon Zehnder to identify a new chief executive officer (CEO) following the retirement of Chandra Shekhar Ghosh in the first week of July.

Egon Zehnder has commenced the CEO search process for Bandhan Bank, according to a source familiar with the matter. The bank is awaiting the shortlist of candidates from the agency.

Bandhan Bank announced on April 5 that Ghosh would retire as Managing Director and CEO after the conclusion of his current tenure on July 9.

Ghosh clarified that his decision to step down from executive positions is voluntary, and the bank has initiated the search for his successor. He dismissed speculation that the Reserve Bank of India (RBI) had declined to grant him another term.

Following his retirement, Ghosh will assume a strategic role at the group holding company level, advising the group’s business verticals, which includes insurance and mutual fund subsidiaries. Bandhan Financial Holdings Ltd holds around 40% of Bandhan Bank.

Ghosh, the founder of Bandhan Bank, has been instrumental in promoting financial inclusion in India and possesses over 30 years of experience in microfinance and development.

In his resignation letter attached to the regulatory filing, Ghosh expressed gratitude for the growth and achievements of Bandhan Bank during his tenure, citing impressive year-on-year growth in deposits and advances.

Ghosh expressed confidence in the capable leadership team at Bandhan Bank, leaving behind a strong franchise built on shared vision and values. He assured his availability for any assistance or guidance the bank may require in the future.

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