Mahabaleshwara M S assumed charge as managing director and chief executive officer of Karnataka Bank at its corporate office here on Saturday.

He took the charge from P Jayarama Bhat, who has already taken charge as part-time non-executive chairman of the bank. The appointment of Mahabaleshwara is for a period of three years from the date of assuming the charge as per the approval received from the RBI, in line with the earlier recommendations of the bank’s board.

“Having assumed the post of MD and CEO of a growing premier private sector bank, my first and foremost priority would be taking forward the initiatives started by my predecessor and mentor P Jayarama Bhat, for the all-round growth of the bank and to make Karnataka Bank a preferred bank for at least 1% of the Indians and to emerge as a well-governed financial power house. With the economy showing signs of improvement, I eagerly look forward to an exciting and eventful journey with the great company of all the stakeholders, to keep the KBL flag flying high always,” Mahabaleshwara said.

Before taking charge, Mahabaleshwara, along with the chairman and other executives of the bank, paid floral tributes to all the founding fathers of the bank.

Mahabaleshwara has a rich experience of over 32 years.