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Amitabh Chaudhry receives RBI approval to be appointed as Axis Bank's Managing Director & CEO

Posted On: 2018-09-09 12:42:46

Axis Bank, India's third largest private sector bank today announced that Board of Directors of the Bank at its meeting held today has taken on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Mr. Amitabh Chaudhry as the Managing Director & CEO of the Bank, for a period of 3 years, with effect from 1st January 2019 up to 31st December 2021 (both days inclusive).

Mr. Chaudhry will take over from Mrs. Shikha Sharma after she demits office on December 31, 2018.

Mr. Chaudhry said: "I would like to thank the RBI and the Axis Bank Board for the privilege and honor given to me to lead this great institution. Axis Bank is amongst the leading private sector banks in the country. Together, with the support of the Board and the Axis team, I am confident of continuing the bank's remarkable journey these past 25 years and to contribute to its future growth."

Mr. Amitabh Chaudhry, age 54 years, is the Managing Director & CEO of HDFC Standard Life Insurance Company Ltd ("HDFC Life"). He has been associated with HDFC Life since January 2010.

Mr. Chaudhry started his career in the Corporate Banking with Bank of America in 1987, where he worked in diverse roles ranging from Country Finance Officer, Head of Wholesale and GCMG Finance in Asia Division and thereafter as Managing Director and Head Technology Investment Banking, Asia.

Mr. Chaudhry was also associated with CALYON Bank (formerly Credit Lyonnais Securities Asia (CLSA), as its Managing Director, Head South East Asian Investment Banking and Head Technology Investment Banking.

Prior to joining HDFC Life, he joined Infosys BPO Ltd. in 2003 and was elevated as its Managing Director & CEO in 2006. He was also Head - Independent Validation & Testing Unit (IVS) of Infosys Technologies Ltd.

Mr. Chaudhry is a B. Tech in (Electronic & Electricals) from the Birla Institute of Technology & Science, Pilani and is an alumnus of Indian Institute of Management, Ahmedabad.
Mrs. Shikha Sharma, MD & CEO of Axis Bank said "I have spent over 9 years with the bank and I shall always look back at my journey with a deep sense of satisfaction and pride. I have particularly enjoyed the opportunity to work with the Axis team in leveraging the myriad opportunities in the financial sector over the last decade. I am sure that under the leadership of Amitabh the bank would soar to greater heights.

Dr. Sanjiv Misra, Chairman, Axis Bank said "After an extensive search, my fellow directors and I are pleased to welcome Amitabh as the Bank's MD & CEO. Amitabh has a proven track record and is well-equipped to lead Axis Bank in pursuing its growth ambitions balanced with a strong emphasis on risk and compliance management."

Shares of AXIS BANK LTD. was last trading in BSE at Rs.645.15 as compared to the previous close of Rs. 639.05. The total number of shares traded during the day was 897384 in over 6211 trades.

The stock hit an intraday high of Rs. 648 and intraday low of 632.35. The net turnover during the day was Rs. 576549066.


Source: Equity Bulls

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