Bank of Maharashtra jumped 5.68% to Rs 62.55 after the central government approved the appointment of Nidhu Saxena as the managing director & chief executive officer (MD & CEO) of the bank for a period of three years effective from 27 March 2024.
Nidhu Saxena, executive director, Union Bank of India was appointed as CEO & MD due to A.S. Rajeev, consequent upon his selection as Vigilance Commissioner in Central Vigilance Commission, for a period of three years with effect from the date of assumption of office, or until further orders, whichever is earlier.
The appointment will be in effect for a term of three years with effect from the date of assumption of office from 27 March 2024 or until further orders, whichever is earlier.
Nidhu Saxena has pursued B. Com, MBA, and CAIIB. Nidhu started his banking career at Bank of Baroda and later moved to UCO Bank. He has over 26 years of experience working in diversified areas of banking. Prior to joining Bank of Maharashtra, he was the Executive Director of Union Bank of India. During his tenure, he worked in all key banking functions and has been in several positions such as Branch Head, Zonal Head and Vertical Head.
At Union Bank, Nidhu was looking after treasury, domestic foreign business, international banking, human resources, stressed assets, retail assets, MSME, retail liabilities, CISO, wealth management and audit verticals. He has been on the Board of Union Bank of India (UK) and Union Asset Management Company and has also been a member of the Academic Council of National Institute of Bank Management, Pune and Governing Body of Indian Institute of Bank Management, Guwahati. He also has experience of 8 years in corporate sector before starting his banking career.
Bank of Maharashtra is a public sector bank in India. The Government of India held 86.46% stake in the bank as of 30 September 2023.
The banks consolidated net profit stood at Rs 1,038.40 crore in Q3 FY24 as against with Rs 776.81 crore posted in Q3 FY23. Total income was at Rs 5851.55 crore in Q3 FY24, registering a growth of 22.7% year on year.
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