The International Finance Corporation (IFC) today said that it fully supports M S Hugar, chairman and managing director of Global trust Bank in his efforts to restore GTB to its former position as one of the premier financial institutions in India.
In a statement, IFC also stated that Centurion Bank and Global trust Bank have not defaulted on loans taken from it.
According to the statement, IFC is also assisting Centurion Bank in its efforts to find a strategic partner and in its recapitalisation plans. "Mr Janakiraman will be appointed to manage Centurion Bank. IFC will fully support Janakiraman in his new capacity and looks forward to working with him on the challenges facing Centurion Bank," it added. The statement does not provide any further details about Mr Janakiraman.
Business Standard had on November 1 reported that IFC plans to exit from the two private sector banks and restructure the equity holding in the banks.
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