CSB Bank CEO and Managing Director Rajendran takes early retirement for health reasons

Rajendran, whose term was only due to end on December 8 of this year, shortened his term to March 31.

“This is to inform you that the board of directors of the bank, at its meeting on January 8, 2022, considered and accepted CVR Rajendran’s request to take early retirement from his post, to take care of his health. under the advice of his doctors, ”says the bank.

Following the resignation, the board of directors decided to set up an independent executive search committee to identify a successor.

“The Board has decided to set up a search committee to identify and assess internal or external candidates for the position of Chief Executive Officer and CEO. It was decided to use an independent executive search firm in this regard, “the statement said.

Rajendran was appointed head of CSB Bank in 2016 after the Reserve Bank of India authorized billionaire Prem Watsa, owned by Fairfax Holdings, to take a 51% stake in the bank, formerly known as Catholic Syrian Bank.

During his tenure, the bank saw a capital injection worth ??1,208 crores of FIH Mauritius Investments Ltd (a subsidiary of Fairfax India Holdings Corporation). The bank also raised ??500 crore from an initial public offering that was 87 times oversubscribed.

Prior to his current role, Rajendran served as the CEO of the Association of Mutual Funds in India. He has held other key positions such as Chairman and Managing Director of Andhra Bank and Executive Director of Bank of Maharashtra.

The CSB is in the midst of a row between management and employees over the non-implementation of the salary review. While CSB Bank has told its unions that it will implement the pay deal reached between the Association of Indian Banks (IBA) and the unions, it has not given its consent to IBA to negotiate with the unions in her name.

Under Rajendran’s leadership, CSB Bank returned to profitability in the first quarter of fiscal 2020, after suffering losses for many consecutive quarters. In the second quarter of fiscal 2022, the bank announced a 2% jump in net income to ??118.57 crore in the second quarter ended in September. The Kerala-based private sector lender reported a net profit of ??68.90 crore in the corresponding quarter of the previous fiscal year.