Mangaluru: Karnataka Bank MD, CEO P Jayarama Bhat assumed the office of Part-time, Non-executive Chairman of Karnataka bank on Wednesday.

The Board of Directors of Karnataka Bank who met on April 12 at the Head Office of the Bank at Mangaluru, Karnataka and appointed P Jayarama Bhat as the new Chairman of the Bank,as per the approval received from Reserve Bank of India, in pursuant of Board’s earlier recommendation to this effect. The Chairman’s post was vacant since 2016 after the retirement of Ananthakrishna.

Jayarama Bhat had taken the reigns of the Bank as MD and CEO on July 14, 2009, initially appointed for a period of 3 years, got extension for two terms upto July 13, 2018. He voluntarily opted to relinquish his present post of MD,CEO and the present changeover was well thought of corporate succession planning and to pave way for younger generation to take the reign.

During his tenure of around 8 years, the business turnover of the bank almost tripled to Rs.93,843 crores as on March 31, 2017 from Rs.32,034 crores as on July 13, 2009, with CAGR (Compounded Annual Growth Rate) of 14.40%.

Meanwhile, Mahabaleshwara M S, presently the Chief General Manager of Karnataka Bank, is appointed as Managing Director and Chief Executive Officer (MD and CEO) of the Bank. Mahabaleshwara M. S, has been ‘Karnataka Bank Man’ for the last 32 years and has rich banking experience both at operational and administrative levels.

“The challenges were many and we have been able to convert the challenges into opportunities and as a result I am happy that Karnataka Bank has emerged stronger. After an eventful tenure of almost 8 years as MD, CEO, I am happy to voluntarily relinquish the office and entrust the responsibility to Mahabaleshwara M S. His appointment is a well thought process of succession planning and he was spotted early and being groomed for the top post over the period. He has acquired all the desirable qualities of corporate leadership and I am confident that he will take the Bank to new highs in the days to come. Now it is time for me to happily entrust the Bank’s leadership to him and focus on ensuring highest standards of corporate governance as Chairman of the Bank’s Board” said P Jayarama Bhat.