{"id":169043,"date":"2023-01-01T05:37:15","date_gmt":"2023-01-01T05:37:15","guid":{"rendered":"https:\/\/precoinnews.com\/?p=169043"},"modified":"2023-01-01T05:37:15","modified_gmt":"2023-01-01T05:37:15","slug":"change-of-guard-at-banks-lic-in-2023","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/change-of-guard-at-banks-lic-in-2023\/","title":{"rendered":"Change Of Guard At Banks, LIC In 2023"},"content":{"rendered":"
Major state-run financial-sector players like the country’s largest lender, State Bank of India, and the largest life insurer, Life Insurance Corporation, are likely to see a change of the guard at the top in 2023.<\/p>\n
The first quarter of calendar 2023 will see new faces heading four large public-sector banks — Canara Bank, Bank of Baroda, Indian Overseas Bank and Bank of India.<\/p>\n
SBI Chairman Dinesh Khara’s term ends in early October. Khara had assumed charge as chairman in October 2020 with a three-year term. Before moving to the corner office, he was managing director with SBI.<\/p>\n
Among the current team of four MDs, C S Setty, the senior-most, is seen as a contender to replace Khara.<\/p>\n
There have been instances when an SBI chairperson’s term was extended even after the person turned 60.<\/p>\n
L V Prabhakar, MD and chief executive officer of Canara Bank, will demit office on December 31, 2022.<\/p>\n
The Financial Services Institutions Bureau (FSIB), the headhunting entity for directors of state-owned banks and financial institutions, has recommended K Satyanarayana Raju, executive director, for the position of MD and CEO.<\/p>\n
Partha Pratim Sengupta, MD and CEO of Indian Overseas Bank, retired on December 31, 2022.<\/p>\n
Sanjiv Chadha, MD and CEO, Bank of Baroda, will end his innings in January. Chadha was appointed MD and CEO on January 20, 2020, for a three-year term.<\/p>\n
Earlier he was working as MD and CEO of SBI Capital Markets, the merchant and investment banking arm of SBI.<\/p>\n
The FSIB started the process of finding his successor in early December. Chadha will turn 60 in June.<\/p>\n
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Bank of India, another Mumbai-based lender, will see A K Das demitting office of MD and CEO on January 20, 2023, on completing a three-year term. Before becoming CEO, he was executive director with the same bank.<\/p>\n
The FSIB began search for his successor in November. Like Chadha, Das will turn 60 in June.<\/p>\n
LIC Chairman M R Kumar’s current term ends in March. Kumar who was appointed in 2019, received an extension this year ahead of the initial public offering of the insurance behemoth.<\/p>\n
Along with Kumar, MD Raj Kumar, who got a year’s extension, is set to retire in 2023. Another LIC MD, B C Patnaik’s term ends on March 31.<\/p>\n
UCO Bank MD and CEO Soma Sankara Prasad will turn 60 in May 2023.<\/p>\n