ABN Amro loses India chief by Finance News Bulletin

Published: 14/12/07

ABN Amro has lost one of its most older Asian executives, the first main departure in the region since a Royal Bank of Scotland-led group won the takeover battle for the Dutch store in OctoberRomesh Sobti, ABN country head for India, will move to IndusInd Bank, a domestic private-sector organization forbidden by the Hinduja family“He’s the first real head of a country to have left of his own accord and India is one of the main regions in Asia that we have,” said one ABN bankerMr Sobti’s exit comes as staff await information of RBS’s plans in the region after its group agreed to pay €70bn ($103bn) for ABN after a conquest battle this year with Barclays

The only confirmation to day is that John McCormick, RBS’s Asia-Pacific chief executive, will take accuse of the much-enlarged operationNews of what happens to key personnel such as Jeroen Drost, Asia leader executive, is expected within the next four weeksThe Dutch store has built up a popular regional portfolio, spanning retail and commercial banking operations in 17 countries with 14,000 staff RBS has a much smaller process in Asia, with fewer than 500 staff

ABN’s India permit is seen as particularly valuable to RBS, which lacks a important presence in the fast-growing marketThe government restricts the number of new branches that foreign banks can unlock in India and limits takeovers of domestic banksABN, with 28 branches in India and tactics for three more, ranks among the top five overseas operators in the country in terms of branches, bancassurance, equilibrium sheet size and other measuresMr Sobti is India’s best serving head of a foreign bank with 17 years at the wheel

He spent nine years at ANZ Grindlays, the Australian bank, and before that worked for State store of India, the country’s largest financial institutionHis replacement is Meera Sanyal, another ABN veteran who connected the bank in 1992 from GrindlaysOne ABN employee said: “The prospect of ABN in Asia will take shape in the next few weeks when RBS makes its strategy and management team clearer and people get paid their bonuses”Maverick China sum Profiles: 99Bill, Hot Out of the Gates, but Sustainable

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