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July 24, 2001
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Money > Business Headlines > Report July 24, 2001 |
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Sobti to remain at ABN, successor Deuskar placatedBS Banking Bureau Romesh Sobti, who was slated to join Development Credit Bank as managing director, has decided to stay back with ABN Amro Bank. The bank has entrusted him with an additional charge as the head of strategic value (consumer) business in Asia and Middle East, along with the current responsibility as country representative (India). Sobti was supposed to join Development Credit Bank in August, while Siddarth Sitholey -- present managing director and chief executive officer of the bank -- was to join Centurion Bank as managing director. Vishnu Deuskar, managing director of ABN Amro Securities, was to take over as Sobti's successor. But now, Deusker will take an additional charge as the head of global financial markets, apart from the existing post. Sobti may have reviewed his decision on the back of he being given an additional charge as the head of consumer business in Singapore, Pakistan, Indonesia, UAE and Malaysia. ABN Amro Bank, in India, is also looking at taking up a 49 per cent stake in a bank or taking up a retail portfolio. Sobti said: "We have ambitious plans for India. We are looking at auto loans, personal loans and loans against shares to include in our portfolio. We will also be launching credit cards by the year-end, which will be built organically." Jan Peter Schmittmann, the bank's senior executive vice-president (new growth markets), said, "We have plans for India that have been approved recently by the managing board, and implementing these will be challenging and exciting for Romesh and his team." With Sobti backing off, Development Credit Bank would now be in a hard spot as Sitholey is due to join Centurion Bank in August. Centurion Bank has been headless for more than three months. It had earlier shortlisted three executives for its top post including two official from HDFC Bank and Citibank's overseas operations. The bank is also opening a new branch at Bangalore and has a preferred banking scheme. It is also developing a special value proportion to tap the non-resident Indians. Powered by YOU MAY ALSO WANT TO READ:
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