Howrah News Service -  Latest news and headlines on Howrah,West Bengal and World: Mahajan may head Canara Bank

Mahajan may head Canara Bank
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newsbyte on 08 May, 2008 02:53:49
 
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.