Mahajan may head Canara Bank

By Sangeetha Chengappa

Bangalore, May 8: With Canara Bank chairman and managing director, Mr M.B.N. Rao, due to retire on June 30, 2008, word is around in banking circles that he will be succeeded by Mr A.C. Mahajan, who is currently CMD of Allahabad Bank.

Mr Rao will, however, be the chairman of the board of the new life insurance company being jointly floated by Canara Bank, HSBC’s Asia Pacific insurance arm, and the Oriental Bank of Commerce.

Mr Avinash Chander Mahajan, a post-graduate in Science, has had a varied banking experience for more than three decades in various capacities in Bank of India before joining Bank of Baroda in 2005 as its executive director.

In earlier capacities, Mr Mahajan has headed the credit, forex and integrated treasury departments.

The Public Enterprises Selection Board is responsible for selecting the candidate to head a public sector bank and after rigorous rounds of screening sends the candidature for approval to the Union finance ministry (banking division), which in turn places it before the Prime Minister’s Office for approval.