South Indian Bank shares rise 10% as RBI clears appointment of PR Seshadri as MD & CEO

Shares of South Indian Bank rose over 10% today after the lender said Reserve Bank of India (RBI) approved the appointment of PR Seshadri as MD & CEO of the lender with effect from October 1. Seshadri will serve for a period of three years. South Indian Bank stock gained 10.38% to Rs 23.45 in early deals on BSE. Market cap of the lender rose to Rs 4,838 crore.  Earlier, the stock opened higher at Rs 22.11 on BSE.

Total 135.65 lakh shares of the firm changed hands amounting to a high turnover of Rs 30.98 crore on BSE. Market cap of the bank climbed to Rs 4,733 crore on BSE.

In the last session, the banking stock closed 0.38% lower at Rs 21.08 on BSE.

In terms of technicals, the relative strength index (RSI) of the South Indian Bank stock stands at 58.6, signaling it's trading neither in the overbought nor in the oversold zone. South Indian Bank shares have a beta of 0.9, indicating low volatility in a year. South Indian Bank shares are trading higher than the 5 day, 10 day 20 day, 50 day, 100 day and 200 day moving averages.

“A meeting of the Board of Directors of the Bank will be convened in due course, inter alia to approve the appointment of PR Seshadri as the Managing Director & CEO of the Bank and the approval of the shareholders shall be obtained thereafter as per the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations,” said the bank in a communication to the bourses.

Seshadri has served, among other positions, as Managing Director & CEO of The Karur Vysya Bank Limited (KVB), Managing Director & Regional Sales and Distribution Head, Citibank N.A., Asia Pacific, Singapore, Managing Director & Regional Head of Lending, Businesses, Citibank N.A., Asia Pacific, Singapore, Managing Director CitiFinancial Consumer Finance India Limited (CCFIL), India, Marketing Director, Citibank N.A, India Branches, Head of Structured Finance & Managing Director, CFRSIL & Integration Manager - Associates India Limited, Head of Banking Collections, Citibank N.A, India, Head of Automobile Finance -Northern India, Head of Community Banking, Northern India, and Mortgage Business, Head – Southern India, Citi India.

He is currently mentoring businesses both at an operating level as well as at the board level at various companies. He holds a Bachelor’s degree in Electrical Engineering from the Delhi College of Engineering and a Post Graduate Diploma in Management from the Indian Institute of Management, Bangalore.

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