The government has extended by one year the tenure of Bank of Baroda Managing Director and Chief Executive Officer P.S. Jayakumar. His term was to end on 12 October 2018 has now been extended till 12 October 2019.
As per a government notification, “The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for extending the term of office of P.S. Jayakumar as managing director and chief executive officer, Bank of Baroda, for a further period of one year beyond his currently notified period of appointment of three years that expires on 12 October 2018 till 12 October 2019, or until further orders, whichever is earlier.”
This extension comes at a time when Bank of Baroda, Dena Bank, and Vijaya Bank are set to merge into a single entity. On 10 September, the government had proposed the merger of the three state-owned banks, making it the third-largest lender in India after State Bank of India and HDFC Bank Ltd, with total business of Rs 14.82 Tn.
Jayakumar, a chartered accountant by qualification, had joined Bank of Baroda in October 2015. Prior to joining the bank, Jayakumar founded VBHC Value Homes Pvt. Ltd along with Jaithirth Rao. A career banker, Jayakumar has spent 23 years with Citigroup Inc. in India and Singapore in different capacities.
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