Why Rajiv Anand might just be what the doctor ordered for IndusInd Bank
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Lamba socho (thing long-term). This is what senior banker Rajiv Anand offered as his advice to youngsters during a podcast. 'Careers, lives are a marathon, not a hundred-meter dash. Therefore, you will get the full benefits of your career, your life in the long term."
Lamba socho (thing long-term). This is what senior banker Rajiv Anand offered as his advice to youngsters during a podcast. 'Careers, lives are a marathon, not a hundred-meter dash. Therefore, you will get the full benefits of your career, your life in the long term."
Anand, who was deputy managing director at Axis Bank Ltd, was speaking with Sameer Shetty, group executive, digital banking and transformation, Axis Bank, in a podcast episode uploaded to YouTube on 1 August. Three days later, Anand was named as the next managing director and chief executive of IndusInd Bank Ltd, a role that had two more contenders.
In a late-evening filing to the stock exchanges on Monday, the private sector lender that's been in the news since March for all the wrong reasons, said Anand's three-year term will begin on 25 August.
For IndusInd Bank, Anand's appointment fills up a position lying vacant since end-April when erstwhile CEO Sumant Kathpalia quit taking 'moral responsibility". On 10 March, the private sector lender acknowledged discrepancies in its derivatives portfolio in the October quarter, sparking a 27% crash in its shares the next day. The incorrect accounting of derivative trades led to a ₹ 1,959-crore hole in the bank's books.
Anand's colleagues described him as a cool-headed individual who can lighten the mood with his humour. A former colleague of Anand said he is clear about what he wants but does not micromanage his team. 'As a leader he delegates tasks and would let you fail, instead of dictating what you should do."
IndusInd Bank had reportedly submitted the names of three CEO candidates to the Reserve Bank of India. The other two were Rahul Shukla, who is 'taking personal time off" from his role at HDFC Bank Ltd, and former Bajaj Finance Ltd managing director Anup Saha, who stepped down on 21 July citing personal reasons.
After the crisis: IndusInd Bank begins aggressive hunt for brand-new leadership 'A steady hand'
What is likely to have worked in Anand's favour as RBI looked to speed up the CEO approval process is his breadth of experience. Per his LinkedIn profile, Anand began his career at HSBC in 1990 as a trader in government and corporate bonds.
This was followed by stints at ANZ Grindlays Bank, IDFC Asset Management Company, Standard Chartered Bank, and Axis Asset Management, before moving to Axis Bank in 2013, climbing to the role of deputy managing director in December 2021.
Anand's experience across debt, equity, treasury, retail, and corporate banking should work well for IndusInd Bank. The lender has been grappling with trust issues ever since it disclosed the discrepancies in its derivatives accounting practices. There were subsequent disclosures, including troubles in the microfinance book as well.
'IndusInd Bank needs someone with a steady hand and Rajiv is just the right guy," said another of Anand's former colleagues. 'I cannot think of anyone with that kind of experience across teams."
The market cheered the news of IndusInd Bank's new CEO, with the stock moving up as much as 5.5% in intraday trade on NSE Tuesday. At 2pm, the shares were up 1.62% at ₹ 817.10 each, while the Nifty Bank index was down 0.62%.
For the three months through June, IndusInd Bank reported a muted net profit of ₹ 604 crore, down from ₹ 2,171 crore in the year-ago first quarter because of lower income and higher provisions. While disappointed with the bank's asset quality, analysts had pegged their hopes on the CEO appointment.
'While near-term profitability is likely to remain low, the potential for a 1% RoA (return on assets) in the medium term, the potential appointment of a new CEO and lack of any carryover from last quarter's cleanup exercise can drive potential upside, given the sub-book valuation," analysts at Sanford C Bernstein (India) Pvt. Ltd said in a note on 28 July. No shortcuts
Another positive for Anand would be the confidence reposed by RBI on not just him but also on the bank. RBI governor Sanjay Malhotra has publicly said that on the whole, 'the bank is doing well".
Those who have worked with Anand, also painted a picture of someone who does not take shortcuts. According to another former colleague from Axis Bank, Anand follows regulations to a tee. That is exactly something IndusInd Bank would need him to do, ensuring teams stay guarded against any potential discrepancies.
'Rajiv is also quite focussed on building a brand and will be a good fit when it comes to restoring confidence in a brand," said this person.
The second former colleague quoted earlier described Anand as a follower of cricket and a golfer, but not someone who would see everything from the lens of cutthroat competition.
This colleague said he has always seen a poster of former Indian cricketing great and leg spinner Anil Kumble's poster in Anand's cabin. Known for his persistence and resilience, Kumble's 10-wicket haul against Pakistan in 1999 is etched in the memories of fans of the game. With a herculean task ahead of him at IndusInd Bank, perhaps Anand needs a performance equal to the legend he followed so closely. Topics You May Be Interested In
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