Karnam Sekar Retires as Indian Overseas Bank MD & CEO
- Public sector Indian Overseas Bank (IOB) on Thursday said its managing director and chief executive Karnam Sekar retired on June 30.
- The lender in a regulatory filing said “Karnam Sekar has demitted office as MD & CEO of the bank on June 30, 2020, being the date of his superannuation”.
- He had joined the bank as an OSD (officer on special duty) and whole-time director on April 1, 2019 and was elevated as MD and CEO on July 1, 2019 after the retirement of Subramaniam Kumar.
- Sekar was appointed as OSD of IOB after merger of Dena Bank and Vijaya Bank into Bank of Baroda.
- He was MD and CEO of Dena Bank since September 21, 2018.
- Prior to that, he was deputy managing director and chief credit officer in State Bank of India, heading its Highest Credit Committee.
- In SBI, he was also responsible for formulating loan policy of the bank.
- Sekar had joined State Bank of India as Probationary officer in December 1983.
- IOB posted a standlaone net profit of Rs 143.79 crore in the last quarter of fiscal ended March 2020, as it was able to bring down its bad loan proportion significantly.
About Indian Overseas Bank-
Indian Overseas Bank is a major public sector bank based in Chennai, India, with about 3,400 domestic branches, about 6 foreign branches and representative office. Founded in February 1937 by Shri. M. Ct. Chidambaram Chettiar with twin objectives of specialising in foreign exchange business and overseas banking, it has created various milestones in Indian Banking Sector.
- Formation– 10 February 1937
- Headquarters– Chennai
- CEO– Shri Karnam Sekar