Mashreq Bank Chief Joins Dcb

The Mumbai-based Development Credit Bank (DCB) has appointed H V Sheshadri as its managing director and chief executive officer (CEO). Sheshadri is presently the CEO of the Mashreq Bank.

Sheshadri had joined the Mashreq from ANZ Grindlays Bank where he was the chief manager credit (South Asia) and head of corporate financial services.

The board of DCB had met on Thursday to decide on the appointment. Among the other contenders for the post was a top executive from Commerz Bank's Indian operations.

The appointment ends all speculation regarding the incumbent in the last few months. The current managing director and CEO Siddharth Sitholey is due to retirement by the year-end. ABN Amro Bank's country representative India Romesh Sobti was slated to join DCB as its managing director but subsequently decided to stay back at ABN Amro Bank. Sitholey, who was to join Centurion Bank in due course also refused his assignment, citing personal reasons and remained in DCB.

 

DCB, which has 54 branches, had a deposit base of Rs.3,430 crore and advances of Rs.2,066 crore for the year ending March 2001.

The Aga Khan Fund for Economic Development (AKFED) has a stake of 37.5 per cent in the bank. It had this year injected around $5.5 million dollars. It had appointed international consultants McKinsey & Co for repositioning the bank.