IDBI Bank has appointed Smita Harish Kuber as the bank’s chief financial officer (CFO) and key managerial personnel with effect from April 01, 2023, in place of P. Sitaram, ED & CFO, who will retire on attaining superannuation on March 31, 2023, the bank informed bourses. Smita Kuber is a chartered accountant and has more than 25 years of banking experience including 5 years of experience in handling finance & accounts and taxation matters in IDBI Bank. The bank’s shares remained under pressure on Tuesday, falling 3% to Rs 43.50.
Meanwhile, Samuel Joseph Jebaraj, Deputy Managing Director, IDBI Bank has resigned from his position. “Consequent to appointment as Deputy Managing Director (Lending & Project Finance) on the Board of National Bank for Financing Infrastructure and Development (NaBFID), Shri Samuel Joseph Jebaraj, DMD, has, vide letter dated March 27, 2023, tendered his resignation from the position of Deputy Managing Director of the Bank with effect from close of business on April 05, 2023. Shri Joseph’s resignation was noted by the Board of Directors at its meeting held today and he would be relieved from the service of the Bank with effect from the close of business on April 05, 2023,” IDBI Bank said in a stock exchange filing.
Earlier this month, the government said the disinvestment of IDBI Bank is on track as per the defined strategic sale process. Debunking media reports which indicated a possibility of deferment of IDBI Bank disinvestment, the Department of Investment and Public Asset Management (DIPAM) said the stake sale is in the post-EoI stage. DIPAM, which manages government holding in state-owned enterprises, in October last year invited EoIs for selling a 30.48% stake in IDBI Bank, along with LIC’s 30.24% stake in the bank. The government and LIC together hold a 94.72% stake in IDBI Bank, which will come down to 34% after the strategic sale.
