In a major rejig, Kumabakonam-based private lender City Union Bank (CUB) will have a new managing director and CEO effective May 1. The bank has got approval from Reserve Bank of India and the board of directors, who met on Wednesday and rattified the appointment of N Kamakodi as the MD and CEO.
Kamdakodi told FE,?It is continuation of the team work we have been doing all along these years. We have been growing at CAGR of 30% for the last six years and we will continue to grow at this pace.?
Kamakodi, an insider and the current executive president of the bank, will replace the incumbent Balasubramanian who will be shifted as non-executive chairman on part-time basis. Balasubramanian was given three months? extension from January 31.
Kamakodi was elevated to the post of executive president in January this year after serving as executive director of the bank for close to five years.