City Union Bank elevates Mahalingam as non-executive chairman

Private sector lender City Union Bank today said its board has recommended appointment of Independent Director S Mahalingam as non-executive chairman following retirement of the incumbent S Balasubramanian.

"Balasubramanian vacated the office of part-time Non-Executive Chairman of the bank at the close of business hours on May 3 on account of his superannuation," the Tamil Nadu-based bank said in a BSE filing.

Balasubramanian took over as the Non-Executive Chairman in May 2011. He joined the bank in 1971 as a probationary officer and became the Managing Director and CEO in 2009.

The board recommended Independent Director S Mahalingam for the post of non-executive chairman and the approval from Reserve Bank is awaited, it added.
 

The board also co-opted M Narayanan as Additional Director with immediate effect, it said.