Chennai-based public sector lender Indian Overseas Bank has named Partha Pratim Sengupta as its new Managing Director and Chief Executive Officer.
"The government as per its notification...has appointed Partha Pratim Sengupta, deputy managing director, State Bank of India (SBI), as MD & CEO, Indian Overseas Bank with effect from the date of assumption of office," IOB said in a regulatory filing.
Sengupta’s appointment will be up to date of attaining the age of superannuation, December 31, 2022, or until further orders, whichever is earlier, it added.
Sengupta, before his elevation to Deputy Managing Director of SBI, was the Chief General Manager at the country's largest lender's Kolkata circle. He comes with more than three decades of experience in the banking industry, both in retail and corporate banking, and has served in various capacities in different geographies.
Sengupta replaces Karnam Sekar who retired last month after steering the loss-making IOB into profitability. After making losses continuously for the last eighteen quarters, IOB reported a net profit of Rs 144 Cr for the fourth quarter of FY’2020, thus enabling the bank to come out of the prompt corrective action (PCA) imposed by the RBI, some five years ago. As per outgoing CEO Sekar, less provisioning and increased recoveries have helped the bank to post the profit which is sustainable in the long run. Sengupta thus has his work cut out as he spearheads the bank’s efforts to continue on this trajectory.