Sumaya will continue to serve in his role as head of global Non-Resident Indians. A number of banks and wealth management institutions have been expanding operations in India.

Julius Baer has appointed Kunal Sumaya (main picture) as interim country head for India, following the departure of Umang Papneja, who has decided to leave the Swiss private bank to pursue other opportunities. Papneja will remain with the bank through July to ensure a seamless transition, it said in a statement today. 

Sumaya, who will continue to serve in his role as head of global Non-Resident Indians, has held his current job at the bank since 2022. He will be responsible for driving the growth of Julius Baer’s India business onshore, as well as across the global Indian client base spanning the Middle East, Asia, Switzerland and the UK.

“Our clients are global in how they live and invest. The appointment of Kunal as ad interim country head India, with his deep understanding of the global Indian client and the India corridor, ensures we can serve them with continuity and depth, whether they are onshore or anywhere across the globe,” Rahul Malhotra, head of the emerging markets region and member of the global wealth management committee at Julius Baer, said. 

“India is an important growth market for Julius Baer, and Kunal is well placed to lead during this transition. I would also like to thank Umang Papneja for his leadership and his many contributions to the growth of our India franchise,” Malhotra added. 

The bank said that over the last four years, Julius Baer India has expanded its onshore India footprint to more than 13 locations, including five new offices. Relationship manager headcount has risen 30 per cent – women now represent half of leadership positions in the India business. 

In other recent news, in April Julius Baer said its chief financial officer, Evie Kostakis, was stepping down to pursue “another leadership opportunity.” Succession planning is underway, and Kostakis’ successor will be announced in due course.

Several international banks have been building India teams, such as LGT Wealth India, Barclays Private Bank, Emirates NBD, HSBC, and others.

Last July, a report quoting a senior figure in the talent solutions group of Aon, a consultancy, noted that there is a fight for private and wealth management talent in India. The push is driving bonuses, stock options, salaries and commissions. The India disapora is also an important wealth management market, as DBS, the Singapore-headquartered bank, noted in 2024.