The board of City Union Bank Ltd. on Friday recommended its independent director R. Mohan to be the next part-time chairman with effect from May 4.
The board also forwarded an application to this effect to the Reserve Bank of India as the present incumbent S. Mahalingam’s tenure ends on May 3.
Mr. Mohan, who has been associated with the bank since 1975, was promoted as the chief general manager in 2011 and in 2014 he was inducted on to the board. He is also part of various board committees. Currently, he holds 1.45 lakh shares, the bank said in a regulatory filing.