Lakshmi Vilas Bank (LVB) today announced that a new management team, with senior executives from leading foreign and Indian private sector banks, has taken charge at the bank. The task of this new team is to transform Lakshmi Vilas Bank (LVB) from a South India focused entity to a truly national player as well as make it one of the best performers in terms of customer satisfaction, productivity, efficiency and profitability.
Along with major expansion of its branch network and addition of new services and products, the new team will also look at increasing the pace of growth through multiple strategies. LVB's business plan for the coming years has been re-aligned to get into the higher growth orbit, to capture the key position and to stay ahead in a competitive environment by also encashing on its technological strengths. With a net interest margin of 3.66% for the first quarter of 2010-11, the bank has emerged as one of the top performer on this parameter across all public and private sector banks.
Speaking to the media, LVB Chairman, Dr. S Narayan said that two major proposals were cleared recently. “One, LVB is going to set up a housing finance subsidiary, post regulatory approvals, as this segment has a significant potential. And, two, issuance of equity shares upto 40% of the present issued capital by way of QIP/GDR/ADR/Follow-on Public Issue in accordance with the SEBI guidelines and necessary approvals.”
Dr Narayan was also pleased to introduce his new Management Team.
Mr PR Somasundaram has recently joined the Bank as MD & CEO. His strength is managing and leading change. Somasundaram has earned his laurels, having been through major transitions in his earlier organisations through M&As, alliances and structural changes. He has come from Standard Chartered - STCI Capital Markets Limited, a subsidiary of Standard Chartered Bank. Before that he has had stints at Tata Consultancy Services and Unilever (India).
Mr Rajat Baldhi has recently joined the Bank as its Executive Director. He is a qualified chartered accountant with a rich experience of over 26 years in banking and financial services. He has successfully handled various portfolios including treasury, credit, risk management, distribution channels, and product development. He came to LVB after a successful stint with Citibank India. Amongst his other senior roles, he served as the Executive Director on the Board of Indian operations of Deutsche Postbank.
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Mr V Prakash has also recently joined the Bank as its Executive Director. He too comes with extensive experience in State Bank of India, ICICI Bank and Standard Chartered Bank. Prior to joining LVB, he was the head of South India corporate banking at ICICI Bank and was well known for his ability to acquire large corporate accounts and businesses. He has wide contacts and relationships with leading business houses as well as high networth individuals (HNIs).
Mr KSR Anjaneyulu is also an Executive Director of the Bank. He brings with him a very long and rich experience of over three decades in the banking industry. He was earlier with ING Vysya Bank before moving to LVB. He has a wide exposure in the areas of banking operations, business organisation and relationship management, credit risk assessment and management, monitoring and recovery.
About Lakshmi Vilas Bank:
Lakshmi Vilas Bank has a national presence serving over 1.64 million satisfied customers through its 274 branches, spread across 15 states and 1 union territory. The Bank has a network of 181 ATMs. LVB has plans to open 43 more branches across the country during the current fiscal year.
The Bank's focus is on delivering customer delight by maintaining the highest standards of service. As a full service bank, Lakshmi Vilas Bank has a wide product portfolio such as business credit, SME credit facilities, NRI Services, home loans, rental loans, education loans and online banking. The Bank also offers life insurance and general insurance products.