Dena chief Nair to head Union Bank

Dena Bank chairman and managing director M V Nair will take over as CMD of Union Bank of India on April 1 after its present CMD Cherian Varghese's term comes to an end.

This is one of the four top level appointments in the public sector banking industry which the finance ministry cleared today.

Indian Bank executive director B Sambamurthy will be made the CMD of Corporation Bank when current incumbent V K Chopra retires.

Similarly, the executive director of Punjab National Bank will take over the reins of the Manipal-based Syndicate Bank and the executive director of Syndicate Bank will be made the CMD of Vijaya Bank.

Syndicate Bank is now headed by N Kantha Kumar and Vijaya Bank by MS Kapur. All four outgoing CMDs will retire on March 31.

According to sources, the finance ministry also cleared the appointment of the executive director of Oriental Bank of Commerce as the head of Pune-based Bank of Maharashtra when its CMD S C Basu retires.

Basu's term came to an end in September last year but he was given an extension since he did not reach the retirement age. It is not known when the position will fall vacant.

The Kolkata-based Allahabad Bank CMD ON Singh will retire in June. Around the same time, State Bank of India Chairman AK Purwar too will retire.

One managing director's post at State Bank of India has already fallen vacant following the retirement of Ashok Kini last month.

O P Bhat, managing director of State Bank of Travancore, is tipped to take over the position. The new MD may eventually take over as chairman of the bank.

Nair had joined Dena Bank as executive director in 2004.