Karnataka Bank chairman, MD and CEO get fresh terms

Jaideep Shenoy | TNN | Updated: Apr 14, 2020, 11:20 IST

MANGALURU: Pursuant to approval received from the Reserve Bank of India, board of directors of city based private sector Karnataka Bank has reappointed P Jayarama Bhat as part time (non-executive) chairman. He will hold office up to November 13, 2021. Likewise, the board has also reappointed Mahabaleshwara M S as managing director and chief executive officer of the Bank for a further period of three-years with effect from April 15, 2020.
Responding to re-appointments, Mahabaleshwara said, "I am honoured and privileged to have a second term as MD and CEO of this great institution for another period of 3 years. It is also a welcome co-incidence that my mentor and present chairman P Jayarama Bhat has been re-appointed chairman for another period of one and a half years. I extend my sincere gratitude to Bhat and the board of directors for their support and guidance in my first term."
Mahabaleshwara said, "I would like to place on record my gratitude for the loyalty of Bank’s 10 million plus customers and support of 8500 plus committed work force which have enabled the bank to accomplish a commendable position in the Indian banking industry as we see it today. I also thankfully acknowledge the invaluable guidance of Reserve Bank of India and unstinting support of the shareholders over the years in the growth of the bank."
"I am aware that the entire world is facing an unprecedented new set of challenges in the form of Covid-19 and the threat of another round of economic recession. But I am confident that Karnataka Bank is better prepared to take these challenges head on, as we have grown bigger and stronger with various transformation initiatives. We are determined to take the Bank to new high in every aspect thus focusing on value creation for all stakeholders," he said.