ING Vysya MD Bhandari quits; Uday Sareen to take over

Private sector lender ING Vysya Bank today said Shailendra Bhandari, its managing director and chief executive of five years, has decided to step down to pursue "new challenges".
The board of the bank has announced Uday Sareen, currently serving as the deputy chief executive and wholesale bank head, as the successor, the bank said in a statement.
Bhandari will, however, will continue to serve the bank till January 31, 2015.
"I just felt that I needed to do something different with the skills and talents I've developed," Bhandari is quoted as saying in the statement.
The board, which met today, has accepted Bhandari's letter of resignation, it said, adding Sareen's appointment is subject to approval from Reserve Bank.

"Bhandari expressed his desire to pursue new challenges," bank's director M Damodaran said.
Bhandari has over three decades of experience in the financial services industry and had joined the Bangalore-based bank from Tata Capital, where he headed the private equity vertical. Prior to that, he headed the then Centurion Bank and Prudential ICICI Asset Management Company.
He was associated with HDFC Bank since its inception in 1994 and was its treasurer and executive director.