December 2016 Current Affairs

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Krishnamurthy, MD & CEO of Catholic Syrian Bank, quits

Krishnamurthy, MD & CEO of Catholic Syrian Bank, quits
24 August 2016 Current Affairs: Anand Krishnamurthy, managing director and chief executive of Catholic Syrian Bank, has resigned, a year after taking over the posts.

The bank reported a loss of Rs 149.72 crore in 2015-16. Percentage of gross non-performing assets had shot up to 5.62 per cent and net NPAs to 4.40 per cent of total loans in 2015-16.

Krishnamurthy had been associated with the bank for the past one year and was previously responsible for corporate banking, SME business, and integrated treasury operations as head of wholesale banking and treasury.

SME is small and medium-sized enterprises.

The bank is in the process of looking for another chief executive. This time we are not going to look at people from our bank or from foreign banks. We will try to finalise the names soon.

Both Krishnamurthy and Rakesh Bhatia, former managing director and chief executive, were from foreign bank HSBC. Bhatia had roped in other foreign bankers after joining.

The Kerala-based bank was planning to raise around Rs 400 crore through initial public offering (IPO) of shares, but dropped the plan, and is talking to at least three private equity investors, including Fairfax, for raising funds. Sources said the lender had decided to clean up its balance sheet and improve its financial performance before going for an IPO. The Reserve Bank of India has been asking the lender to list on exchanges.

The bank is one of India's oldest private sector banks, with headquarters in the Thrissur district of Kerala. For over nine decades, it remained a neighbourhood bank. The company has a strong base in Kerala, and a significant presence in Tamil Nadu, Karnataka, and Maharashtra.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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