RBI appoints P R Seshadri as South Indian Bank MD & CEO; stock zooms 11%

RBI has approved the appointment of P R Seshadri as Managing Director & CEO of the Bank for a period of three years with effect from October 1, 2023.

Shares of South Indian Bank zoomed over 11 per cent to a high of Rs 23.45 on heavy volumes in intra-day deals on Friday in an otherwise weak market after RBI approved the appointment of P R Seshadri as Managing Director & CEO of the bank.

At 11:30 AM, the stock was up 8.2 per cent at Rs 22.80 on trades of around 13.82 million shares as against the 2-week average traded volume of around 7.4 million shares on the BSE. Meanwhile, the S&P BSE Sensex was down 0.5 per cent at 64,857.

The stock has rallied 20 per cent so far in August, as against a 2.5 per cent decline on the BSE benchmark.

The Reserve Bank of India has approved the appointment of P R Seshadri as Managing Director & CEO of the Bank for a period of three years with effect from October 1, 2023.

Sharing a brief profile of the appointed MD, the bank said Seshadri is an accomplished banker with experiences spanning multiple businesses, functional lines and geographies. He is a respected business leader with a proven track record of building and leading large teams to execute and deliver complex business objectives.

P R Seshadri has served as Citibank at various levels and geographies, and amongst other positions was the Managing Director & CEO of The Karur Vysya Bank Limited, the release added.

Further, the recently concluded June quarter, the bank reported a 75.4 per cent year-on-year (YoY) surge in net profit to Rs 20.24 crore when compared with Rs 11.54 crore in Q1FY23. Total income was up 27.7 per cent YoY at Rs 238.64 crore.