South Indian Bank is among the top five gainers on the BSE currently, opening 1.5% higher at Rs.17.50, rising to an intraday high at Rs.18.40. Its 52-week high is at Rs.21.80.
For banks, whenever they can find an able person to lead the bank ahead, is always good news as it heralds new blood and ends the uncertainties that come without a head.
In South Indian Bank, after the MD and CEO Murali Ramakrishnan refrained from extending his term due to personal reasons in March’23, the sense of unease remained.
Yesterday finally the Bank said that it has finalised the names of candidates for the post of managing director (MD) and chief executive officer (CEO).
The Bank said that the recommendations of the Search Committee which was constituted by the Board of Directors of the Bank and the Nomination and Remuneration Committee of the Bank, approved the panel of candidates, in the order of preference, for the position of the Managing Director & Chief Executive Officer (MD & CEO) of the Bank.
As per the extant RBI norms, the Bank will be submitting its application to RBI with the names of the candidates in the order of preference, seeking approval for the appointment of the new MD & CEO.