PSU banks to see reshuffle in '08

The government will soon finalise a reshuffle of top management teams in the country's leading 11 public sector banks (PSBs), 10 of which are listed on the stock exchanges. They include the country's third largest bank, Canara Bank, and fifth largest bank, Bank of Baroda.

As many as nine new chairmen and managing directors and 17 executive directors are to be appointed following the retirement or transfer of the current incumbents in 2008.

In a lateral movement, the current Union Bank chief M V Nair will take charge of Bank of Baroda with Chairman and Managing Director A K Khandelwal retiring in March. The incumbent chairman and managing director of Bank of Maharashtra will move to Union Bank. 
 

BANK CHIEFS RETIRING IN 2008
Name	Bank	Date
A K Khandelwal	Bank of Baroda	31.3.08
C P Swarankar	Syndicate Bank	30.4.08
M B N Rao	Canara Bank	30.6.08
PP Mallya	Vijaya Bank	31.7.08
K Ramakrishnan	Andhra Bank	31.7.08
P K Gupta	United Bank	30.9.08
B Sambamurthy	Corp Bank	31.10.08
PL Gairola	Dena Bank	31.12.08
H A Daruwalla	Central Bank	31.12.08

The duo's appointments are likely to be cleared by the Cabinet Committee on Appointments next week, along with the names of 17 general managers, who will be appointed executive directors in various public sector banks, sources said.

Meanwhile, the Financial Services Department will conduct an interview of executive directors in the first week of January for selection of new CMDs in nine banks.

The banks are Canara Bank, Andhra Bank, Corporation Bank, Vijay Bank, United Bank, Dena Bank, Syndicate Bank, Central Bank and Bank of Maharashtra.

The appointment of nine new chairmen and managing directors from among serving executive directors and the retirement of eight executive directors will see 17 vacancies in the latter category.

Twenty-four general managers were shortlisted in interviews last month for executive director posts.