Karnataka Bank re-appoints chairman, CEO

Mangaluru: The board of directors of city-based Karnataka Bank has re-appointed P Jayarama Bhat as part-time chairman (non-executive) and M S Mahabaleshwara as CEO and managing director of the bank with the approval of the Reserve Bank of India.

Bhats term has been extended to November 13, 2021, while Mahabaleshwaras has been extended by three years with effect from April 15, a press release from the bank said here.

Mahabaleshwara was quoted as saying in the release that the bank was prepared to take up challenges in the form of another global economic recession with the COVID-19 outbreak.

The bank has grown bigger and stronger with various transformation initiatives, he said.

The bank is determined to achieve heights in corporate governance and business standards by focusing on value- creation for all the stakeholders, he said.

He thanked the board of directors for having re- appointed him as the CEO and managing director and for extending the term of his mentor Bhat to another one-and-a-half years.