Banks set to welcome new leadership in new year: Report

A change of top leadership is expected in several state-run banks in the first qarter of the financial year

As the world welcomes the new year, several state-run banks and financial companies too are also set to welcome new management in 2023.

A change of top leadership is expected in the first quarter of the financial year as many public-sector banks (Canara Bank, Bank of Baroda, Indian Overseas Bank and Bank of India) are set to get new chiefs.

State Bank of India will also get a new Chairman and, according to a Business Standard report, current MD C S Setty, the senior-most in a team of four, is likely to replace incumbent chairman Dinesh Khara.

Also Read | Banks likely to remain on profitable path in New Year too with robust credit growth

L V Prabhakar, MD and chief executive officer (CEO) of Canara Bank, whose term ended on December 31, will be replaced by executive director K Satyanarayana Raju, the report said.

Likewise, IOB MD and CEO Partha Pratim Sengupta and BoB MD and CEO Sanjiv Chaddha are also soon to demit office as they retire on Dec 31, 2022 and January 31, 2023, respectively. Bank of India's MD and CEO will retire on January 20, 2023.

The term of the current LIC chairman MR Kumar will also end in March this year.