IndusInd Bank Using Egon Zehnder to Find New CEOs
May 1, 2025 – Financial services organizations, generally, are facing a new competitive landscape, regulatory challenges and a constant struggle to manage cost and efficiency. This requires strategic leaders, both men and women, with a multidimensional skill-set and competencies that often go above and beyond any typical job description. But there’s a big problem: In most countries, while women represent about half of the financial services industry, few of them reach leadership positions. That puts a number of top searches in a great vortex right from the start. Like all financial institutions, banks continue to turn to executive recruitment firms to find new leaders.
The latest: Leadership advisory firm Egon Zehnder is currently assisting IndusInd Bank in identifying candidates for both the CEO and deputy CEO roles. The Economic Times reported that the firm is helping shortlist names and the bank plans to submit a list of three potential candidates to the Reserve Bank of India (RBI), which IndusInd operates under the regulatory supervision of, once internal evaluations are complete. This decision follows a period of controversy, including accounting issues and the RBI limiting the tenure of the current CEO. Egon Zehnder is tasked with finding suitable candidates for these key leadership positions.
Several high-profile names are in the mix for IndusInd Bank’s next CEO. From HDFC Bank, Kaizad Bharucha, who leads wholesale banking, and Rahul Shukla, head of corporate lending (currently on sabbatical), are seen as potential candidates. ICICI Bank’s Anup Bagchi, CEO of ICICI Prudential, is a strong contender with broad experience across banking verticals, alongside Sandeep Batra and Rakesh Jha. External options include Rajiv Sabharwal of Tata Capital, Vishakha Mulye of Aditya Birla Capital, and Pralay Mondal of CSB Bank—each bringing deep leadership and retail banking expertise.
IndusInd Bank is a leading private sector bank in India, headquartered in Mumbai. Established in 1994, it offers a wide range of financial products and services for individuals, businesses, and corporations, including retail banking, corporate banking, treasury operations, and wealth management.
Egon Zehnder currently ranks as a Top 5 global executive search firm, according to Hunt Scanlon Media. With more than 500 consultants in 68 offices and 40 countries around the globe, Egon Zehnder works with public and private corporations, family-owned enterprises, and non-profit and government agencies to provide board advisory services, CEO and leadership succession planning, executive search and assessment, and leadership development solutions. Since 1964, the firm has been at the forefront of defining top leadership in the face of changing economic conditions as well as major transitions in the executive search field.
Egon Zehnder’s global wholesale and investment banking practice works closely with international and regional banks and advisory firms to address executive hiring needs and support strategic assessment and development of individual leaders and teams. It has more than 45 consultants worldwide who are serving clients in this sector, advising boards, CEOs and executives on industry-specific leadership strategies, and are career advisors to many top professionals in the industry.
Bandhan Bank Search
Egon Zehnder recently assisted in the recruitment of Ratan Kes as managing director and CEO of Bandhan Bank. “It has been a privilege to lead Bandhan Bank during my tenure, and I am immensely proud of what we have achieved together,” said Mr. Ghosh. “As I pass the baton to new top management under the leadership of Ratan Kesh, I am confident in their ability to steer our bank forward with dedication and integrity. I extend my gratitude to our loyal customers, dedicated employees, and supportive stakeholders for their trust and collaboration. Together, we have laid a strong foundation, and I look forward to witnessing the continued success of Bandhan Bank.”
Leading and Scaling with Talent
Talent has become the cornerstone of value creation in private equity, shaping the success of portfolio companies and driving superior returns. As traditional levers like financial engineering and cost optimization face diminishing returns, private equity firms are increasingly focused on leadership and operational excellence to unlock growth. The role of talent leaders has never been more critical—they are the architects of transformative strategies, aligning people and processes to maximize organizational potential and achieve sustainable scalability.
Hunt Scanlon Media is convening hundreds of operating partners, chief talent officers, and executive recruiters at the Harvard Club in New York on May 15, 2025. We will examine the vital role talent professionals play in driving value creation—from shaping investment strategies and operational initiatives to fostering leadership excellence and organizational growth.
Mr. Kesh has been on the board of the bank since March 2023. With nearly three decades of stellar experience, he has a track record of leading complex operations including transformation, automation, customer experience, quality improvement & other related functions. Mr. Kesh is a hands-on leader who has helped scale and address operational challenges with ease consistently at reputed banking organizations in India namely ICICI Bank, HDFC Bank, Yes Bank, and Axis Bank. He was recognized as one of the 50 most talented Quality Professionals in India by the World Quality Congress. Mr. Kesh was also recognized as one of India’s top 25 Emerging Tech Leaders by BIOCON Network in collaboration with MeitY.
Related: Egon Zehnder Recruits CEO for Blue Diamond Growers
Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
