The board of directors of Lakshmi Vilas Bank has named the former Chief Financial Officer, S Sundar as its interim managing director & CEO (Whole Time Director). The appointment will be effective from January 1, 2020. Besides, Sundar has been co-opted as the additional director of the lender. He takes over the position after the resignation of former MD & CEO, Parthasarathi Mukherjee, who quit in August 2019.
Sundar is 64 and he resigned from the post of CFO in December 31, 2019.
He is a seasoned professional with years of working experience with lenders like Andhra Bank, City Union Bank and has over 40 years of experience and Lakshmi Vilas Bank. He began his stint as the CFO of Lakshmi Vilas Bank from April 2018.
Reserve Bank of India (RBI) last year turned down an amalgamation deal between the bank and Indiabulls Housing Finance.