In view of the ongoing amalgamation process with Andhra Bank and Cooperation Bank, Rajkiran Rai, Union Bank of India’s managing director and CEO received two years extension from the Union Ministry of Finance on June 30.
Rai’s term as CMD was scheduled to end on June 30 however, after receiving extension he will now be associated with position till May 31, 2022.
He will now remain as the lender’s MD & CEO till he attains the retirement age, i.e., May 31, 2022 or until any further notice from the Ministry of Finance is generated.
On July 2017, Rai was named as the managing director of Union Bank for a tenure of 3 years until June 30, 2020.
On April 1 as per finance ministry’s direction, Union Bank was amalgamated with Andhra Bank and Corporation Bank, but the whole merger process is yet to complete. The extension granted by the centre in a bid to ensure the completion of the merger properly. The amalgamated entity is now the fifth largest public sector lender