Julius Baer's India head Umang Papneja has stepped down and the Swiss bank has appointed insider Kunal Sumaya as interim country head for India. Sumaya will also continue in his current role as head of global non-resident Indians (NRIs).
Papneja is leaving "to pursue other opportunities," the bank said in a statement. He will remain with the firm through July 2026 to ensure a seamless transition.
Rahul Malhotra, head of region emerging markets and a member of the Global Wealth Management Committee, said the appointment ensures continuity for clients. "Our clients are global in how they live and invest. The appointment of Kunal (Sumaya) as interim country head for 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," he said, adding that India is an important growth market for the bank.
Sumaya will be responsible for driving growth across Julius Baer’s onshore India business as well as its global Indian client base spanning the Middle East, Asia, Switzerland, and the UK.
Sumaya, who has been with Julius Baer for 17 years, has held several senior roles, including team head and group head, and has played a key role in shaping its global NRI business, the statement said.
During Papneja's tenure, the bank expanded its onshore footprint, deepened product capabilities, and built a high-calibre team, positioning “the business for its next phase of growth."
Julius Baer's India franchise has been built over three decades. Over the past four years, it has expanded to more than 13 locations, including five new offices. Its Equity India fund, launched in 2022, has doubled in size to $500 million and now serves clients across 17 geographies.
