Dena Bank’s former Managing Director Karnam Sekar has been appointed as the new Managing Director and Chief Executive Officer of Indian Overseas Bank.
Sekar is likely to take up the position from July 1, 2019. At Indian Overseas Bank, he will take over the charge from R Subramaniakumar, who had played a pivotal role in initiating measures to turn around the bank, which has been reporting loses owing to high Non-Performing Assets.
Prior to joining IOB as an officer on Special Duty and While Time Director in April 2019, he was appointed as the MD & CEO of Dena Bank till September 2018.
Earlier, he was associated with the State Bank of India (SBI) as its Deputy Managing Director and Chief Credit Officer heading its highest Credit Committee. At SBI, he was also responsible for formulating loan policy of the bank.
He was also associated with the Lucknow circle of SBI as its Chief General Manager.