South Indian Bank has been the top gainer on the BSE since the opening bell today; from its close of Rs.21.08, it opened higher at Rs.22.11 and rose to an intraday high at Rs.23.45, which is just a tad away from its 52-week high of Rs.23.69.
The stock price surged after the Bank announced that the RBI has approved the appointment of PR Seshadri as MD & CEO of the lender with effect from October 1.
Seshadri will serve for a period of three years. This sense of continuity, especially for a Bank is very crucial and that’s what the market is celebrating today.
Seshadri has served, amongst other positions, as Managing Director & CEO of The Karur Vysya Bank Limited (KVB), Managing Director & Regional Sales and Distribution Head, Citibank N.A., Asia Pacific, Singapore, Managing Director & Regional Head of Lending, Businesses, Citibank N.A., Asia Pacific, Singapore, Managing Director CitiFinancial Consumer Finance India Limited (CCFIL), India, Marketing Director, Citibank N.A, India Branches, Head of Structured Finance & Managing Director, CFRSIL & Integration Manager - Associates India Limited, Head of Banking Collections, Citibank N.A, India, Head of Automobile Finance -Northern India, Head of Community Banking, Northern India, and Mortgage Business, Head – Southern India, Citi India.