Launched on August 23, 2015, Bandhan Bank now has 50 ATMs and 501 branches located throughout 24 states.
On Monday, Bandhan Bank’s stock fell more than 9% following the announcement by the private lender that Chandra Shekhar Ghosh, the company’s founder, managing director, and CEO, has chosen to step down from his position upon the conclusion of his term. On the BSE, the shares fell 9% to Rs 179.55.
The company’s shares fell 9.17% to Rs 179.25 at the NSE.
On July 9, 2024, Ghosh will conclude his current term as MD and CEO and leave the bank, the bank announced in a regulatory statement on Friday.
“After leading the bank for almost a decade, including three consecutive tenures (9 years) as MD & CEO, I feel that the time has now come for me to assume a larger strategic role at Bandhan group level,” Ghosh said in a letter addressed to the board.
The MD and CEO of a private bank cannot serve longer than 15 years in office, per RBI norms.
Launched on August 23, 2015, Bandhan Bank now has 50 ATMs and 501 branches located throughout 24 states.
It is the first microfinance organization from the East to ever become a universal bank.
2018 saw the successful bourse listing of Bandhan Bank. In order to offer homebuyers more inexpensive banking options, Gruh Finance was acquired in 2019.
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