RBI has appointed Shyam Srinivasan as the forthcoming MD and CEO of car loan lender Federal Bank. Presently Srinivasan is the country manager for consumer business in Standard Chartered Bank.
M Venugopalan, who was Federal Bank’s MD & CEO retired from his office on 31st July. But Srinivasan will take over the reins from September 2010.
Analysts say, Federal Bank would now concentrate more on retail banking. The bank is also planning to buy out other small private sector banks.
Venugopalan had refuted rumors of IDBI Bank buying out Federal Bank.
He had claimed, ”Not even in our dream this has been visualised. A bank like this would never be allowed to to be taken over. We will rather aquire other banks. But there should be good buys”.