On Thursday Partha Pratim Sengupta has been appointed as the new Managing Director (MD) and Chief Executive Officer (CEO) of Indian Overseas Bank (IOB) by the government of India.
Sengupta will hold his post up to the date of attaining the age of superannuation that is till December 31, 2022, or until any further orders, whichever comes earlier.
Partha Pratim Sengupta is the Deputy Managing Director and Chief Credit Officer of State Bank of India (SBI) and he will succeed Karnam Sekar. Karnam Sekar retired from the post of Managing Director and Chief Executive Officer after his age of superannuation on 30th June. The post remained vacant after his retirement.
Partha Pratim Sengupta and State Bank of India (SBI)
At present Sengupta is the Deputy Managing Director and Chief Credit Officer of SBI. He has been working with SBI over the last three decades. He has served in various capacities across different parts of the country.
Partha Pratim Sengupta and Yes Bank
Sengupta has resigned from the post of Non-Executive Director of Yes Bank. After his resignation, the bank’s share started trading on a lower circuit. The prices fell for the sixth straight day. Sengupta has mainly resigned from the post as the was appointed by IOB. He was working as a Non-Executive Director after being nominated by SBI as it holds a 48.2 percent stake in the bank.
He also said he will to grateful the Board for the co-operation as they helped him to discharge his duties.
On Monday, Yes Bank’s stock was trading at Rs. 12.30 per share on Sensex.
About Indian Overseas Bank (IOB)
IOB is a Chennai based public sector bank. It was founded even before the Independence of the country in 1937. During the nationalization period, it was the 14th major bank in the world which was taken over by the Indian government.
As per the data shared in 2014, the bank has 3,400 branches in India and, 6 foreign branches across the globe.