South Indian Bank appoints P R Seshadri as new MD & CEO

South Indian Bank Welcomes P R Seshadri as its New MD & CEO: What Does it Mean for the Bank and its Customers?

South Indian Bank, a leading Kerala-based private sector bank, has announced the appointment of P R Seshadri as its new managing director (MD) and chief executive officer (CEO) for a period of three years with effect from 1 October 2023. The bank received approval from the Reserve Bank of India (RBI) for this appointment on 17 August 2023.

P R Seshadri is an accomplished banker with over 25 years of experience in the banking industry. He holds a Bachelor’s degree in Electrical Engineering from the Delhi College of Engineering and a Post Graduate Diploma in Management from the Indian Institute of Management, Bangalore. He has worked in various positions across multiple businesses, functional lines, and geographies, both in India and abroad.

P R Seshadri has served as, among other positions, the managing director and CEO of The Karur Vysya Bank, a leading private sector bank in Tamil Nadu, from August 2017 to December 2020. He was instrumental in transforming the bank’s digital capabilities, improving its asset quality and profitability, and strengthening its governance and compliance framework.

Prior to joining The Karur Vysya Bank, P R Seshadri was the managing director and regional sales and distribution head of Citibank N.A., Asia Pacific, based in Singapore. He was responsible for driving the growth of Citibank’s consumer banking business across 17 markets in the region. He also held various leadership roles in Citibank India, such as the managing director and regional head of lending businesses, the country business manager for Citibank’s branch banking business, and the head of credit cards and personal loans.

South Indian Bank is confident that P R Seshadri’s rich experience and expertise will help the bank achieve its vision of becoming the most preferred bank in the areas of customer service, stakeholder value, and corporate governance. The bank has a nationwide presence with 941 branches, 1170 ATMs, 126 CDMS/CRMs across India, and a representative office in Dubai, UAE.

South Indian Bank reported a robust performance in the first quarter of FY24, with a 76% rise in net profit to Rs 202 crore on a 34% increase in net interest income to Rs 808 crore as compared with Q1 FY23. The bank also improved its asset quality, with gross non-performing assets (NPAs) declining to 4.61% and net NPAs dropping to 2.74% as on 30 June 2023.

The bank’s shares rallied 10.77% to Rs 23.24 on BSE on Friday, after the announcement of P R Seshadri’s appointment. The stock has gained over 40% in the past month, outperforming the broader banking sector index.

South Indian Bank is one of the oldest private sector banks in India, established in 1929. The bank offers a wide range of products and services to cater to the diverse needs of its customers, including retail banking, corporate banking, NRI banking, treasury services, digital banking, and social banking. The bank’s mission is to provide a secure, agile, dynamic, and conducive banking environment to its customers with a commitment to values and unshaken confidence.