Swiss wealth management firm Julius Baer has named Kunal Sumaya as its interim country head for India after the resignation of India CEO Umang Papneja.
The company said Papneja, who led the India business for nearly four years, is stepping down to explore new opportunities. However, he will continue with the firm until July next year to help ensure a smooth transition.
Sumaya has been with Julius Baer for 17 years and currently heads the bank’s global non-resident Indian (NRI) business. Along with his existing responsibilities, he will now oversee the company’s India operations during the transition period.
In his new role, Sumaya will manage both the domestic India business and Julius Baer’s global Indian client network spread across markets including the Middle East, Asia, Switzerland and the UK.
Senior executives at Julius Baer said Sumaya’s long experience with the company and strong understanding of Indian clients would help maintain continuity and support future growth plans.
During Papneja’s tenure, the bank widened its product offerings and expanded its leadership team in India. The company credited him with helping accelerate growth in one of its key markets.
The company said India remains an important growth market for the bank. Over the past few years, Julius Baer has expanded its presence across the country by opening new offices and strengthening its wealth management business.