SBI, Bank of Baroda, Canara Bank And Bank of India Get New MDs; Shares Surge

On Monday, the government appointed heads to four large public sector banks for a period of three years.

The Appointments Committee of the Cabinet (ACC) approved the proposal of the Department of the Financial Services for the appointment of Challa Sreenivasulu Setty as the managing director (MD) of the State Bank of India (SBI). Setty, who currently serves as the deputy MD of SBI, has been appointed as the MD for a period of 3 years with effect from the date of taking over of the charge.

State Bank of India: Quotes, News

BSE 1060.5529.75 (-2.81%)

NSE 1060.6029.8 (-2.81%)

Bank of Baroda: Quotes, News

BSE 272.701.95 (-0.72%)

NSE 272.702.2 (-0.81%)

The ACC also appointed Sanjiv Chadha as the MD & CEO of Bank of Baroda, Lingam Venkat Prabhakar as MD & CEO of Canara Bank and Atanu Kumar Das as MD & CEO of Bank of India.

Shares of all the four banks surged on Tuesday morning.

Chadha was in charge of SBI Capital Markets and will be replacing P.S. Jayakumar, whose term was extended by one year after it ended in October last year.

Prabhakar currently serves as the executive director of Punjab National Bank and will be replacing RA Sankara Narayanan, who will retire at the end of this month.

Das is an executive director at Bank of India.

Bank of Baroda has already been merged with two smaller public sector banks-Dena Bank and Vijaya Bank. Canara Bank is in the process of being merged with Syndicate Bank.