State Bank of Hyderabad (SBH) has appointed Mani Palvesan as its new managing director.The appointment will come into effect from 14 January,2017. SBH’s managing director’s post was vacant after Santanu Mukherjee, the present managing director, attained superannuation on December 31, 2016,reports the Business Standard.
Prior to this appointment, Palvesan had served as the chief executive officer at State Bank of India (SBI) Hong Kong branch and as managing director at SBI Cap Securities at Corporate Office in Mumbai among other responsibilities.
SBH is the largest among the five associate banks of the SBI. The board of SBH has already accepted the merger plan approved by the parent bank.
Early this month,SBI chief Arundhati Bhattacharya acknowledged that the merger of the five associate banks and Bharatiya Mahila Bank with State Bank of India (SBI) will be postponed by a quarter due to the demonetisation exercise.
SBI had announced in May about the plans to merge its five associate banks and Bharatiya Mahila Bank with itself by March 2017 to emerge as a global bank in order to compete with peers in emerging markets.
State Bank of Patiala, State Bank of Mysore, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Travancore and Bharatiya Mahila Bank are associate banks of SBI