Lakshmi Vilas Bank appoints S Sundar as interim MD and CEO

LVB had been in the news with the bank facing severe capital crunch and deteriorating asset quality.

Lakshmi Vilas Bank (LVB) has appointed S Sundar, its chief financial officer, the interim managing director (MD) and chief executive officer (CEO) effective January 1, 2020. As part of this, he resigned from the post of CFO on Tuesday. He has also been appointed an additional director of the bank.

In August 2019, the bank’s MD & CEO, Parthasarathi Mukherjee, resigned from the position and the post was lying vacant since then. Sundar holds a bachelor’s degree in commerce and is a chartered accountant. He started as a probationary officer with Andhra Bank and has more than 41 years of working experience in various banks including Andhra Bank, City Union Bank and LVB. He was serving as the CFO of the bank from April 27, 2018.

In a regulator filing, LVB said the appointment will be up to April 30, 2020 or till a regular MD & CEO assumes charge, whichever is earlier. LVB had been in the news with the bank facing severe capital crunch and deteriorating asset quality. It has been put under the PCA by the RBI.

Besides, in October 2019, the RBI had turned down its proposal to merge with Indiabulls Housing Finance and lndiabulls Commercial Credit.