SS Mallikarjuna Rao appointed new Punjab National Bank CEO

SS Mallikarjuna Rao has been appointed the new Punjab National Bank CEO. This announcement comes after deliberations were carried on the basis of a shortlist of eligible candidates prepared earlier.

Sunil Mehta who was the chairman and non-executive director of the company has resigned from the board with effect from September 30. Mehta has quit on completion of his tenure as the MD and CEO of Punjab National Bank, as per the BSE release.

Earlier, S. S. Mallikarjuna Rao was the Managing Director and CEO of Allahabad Bank and prior to that he served as Executive Director of Syndicate Bank from 2016. He has been a professional banker for over 33 years having held position as General Manager & CFO in Oriental Bank of Commerce too.

Shares of PNB Housing Finance touched the 52-week low of Rs 556.70, falling 4.6 percent intraday on October 1.

Right after the announcement of amalgamation of 10 state-run banks, the process to hire chief executive officers and managing directors for some of them was underway. Bank of India (BoI), Bank of Baroda (BoB), Canara Bank and Punjab National Bank (PNB) were looking to hire new CEOs and MDs.

After the completion of merger, PNB will be the country's second-largest PSB with Rs 18 lakh crore business and second-largest branch network in India.