Lakshmi Vilas Bank shortlists three for CEO's post

Interim CEO Anjaneyulu, two SBI executives in race for the top job

Lakshmi Vilas Bank has shortlisted three bankers for the post of chief executive officer. While two are senior executives at State Bank of India (SBI), the third is K S R Anjaneyulu, Lakshmi Vilas Bank’s interim chief executive, say people familiar with the development.

“The names have been sent to the Reserve Bank of India (RBI) for consideration. The new chief executive officer is expected to be appointed soon,” a source said, requesting anonymity.

“Anjaneyulu is one of the candidates. Two other senior executives of SBI have also been shortlisted for the post,” said another person, confirming the development.

The bank had received 55 applications for the post. The applicants included senior SBI executives, a former RBI official and business heads of ICICI Bank, HDFC Bank, Axis Bank, Citibank and HSBC.

After P R Somasundaram resigned as chief executive officer in November 2012, citing personal reasons, the post fell vacant.

Subsequently, the board of directors handed over the charge to the bank’s executive director, Anjaneyulu, who was appointed interim managing director and chief executive from January 10.

Sources said Lakshmi Vilas Bank was looking for a chief executive who could transform the old-generation private lender into an efficient and fast-growing bank.

In January, RBI had allowed the bank to open 71 new branches, including 28 in metros. The addition of new branches was seen as the first step towards expanding the bank’s businesses. Currently, the bank has 299 branches.

Earlier, the bank had said it aimed to raise up to Rs 1,000 crore. It is probable the new chief executive would also have to oversee the fund-raising programme.