The government has granted an year’s extension to Bank of Baroda’s Managing Director & Chief Executive Officer, PS Jayakumar, with effect from October 12.
This extension comes in the backdrop of the amalgamation between Bank of Baroda (BoB), Dena Bank and Vijaya Bank to form India’s second largest public sector bank being set in motion.
Apparently, the government wants continuity at the top in BoB, the largest of the three banks that are getting consolidated.
As of June-end 2018, the three public sector banks collectively had a business of ₹14,82,422 crore.
In a stock exchange notice, BoB said: “The Central government has extended the term of office of PS Jayakumar as Managing Director and Chief Executive Officer of Bank of Baroda for a further period of one year beyond his currently notified period of appointment of three years that expires on October 12, that is till 12.10.2019, or until further orders, whichever is earlier.”
Earlier role
In August 2015, the government had appointed Jayakumar, who was then MD & CEO of VBHC Value Home Pvt Ltd, as MD & CEO of BoB for a period of three years with effect from the date of assumption of charge of the post, or until further order, whichever was earlier.