IDBI -LIC deal: Bank decides to continue with existing MD, DMDs

IDBI Bank, which has becomes a subsidiary of LIC, Monday said it has decided to continue with the existing top management, including Rakesh Sharma as the managing director of the bank.

Insurance giant LIC has completed acquisition of 51 per cent controlling in the bank, IDBI Bank said in a regulatory filing on Monday.

However, the bank's board also approved the appointment of Rajesh Kandwal as an additional director and LIC's nominee director on the board of IDBI Bank.

Kandwal is the director and the chief executive officer of LICHFL Care Homes Ltd.

The board of "IDBI Bank has in its meeting held on January 21 approved continuation of office of Rakesh Sharma, K P Nair and G M Yadwadkar as directors and as MD & CEO and DMDs (deputy managing director), respectively, of the bank till such time as the board approves appointment of" new management following the due process", it said.

Consequent to the allotment of shares under final Tranche II to LIC, amendment in the bank's Articles of Association has come into effect from Monday.