VG Mathew to step down as SIB chief in September

2 shortlisted by board for the post

THRISSUR: The MD and chief executive of South Indian Bank (SIB) is retiring in September this year after helming the bank for six years – two terms of three years.

The board of directors of the bank said it has finalised the names of two candidates in the order of preference to take over as the new MD and chief executive of the bank in Mathew’s place.

The names have been sent to RBI, which is expected to give the final green signal soon. All are keeping their ear to the ground to know who is going to head the bank for the next innings.

The appointment of new SIB chief is a keenly followed development among the shareholders as they are a bit disheartened the way the bank’s shares have been trading on the stock markets for some time – at one of the lowest Price to Book ratios, the latest being just 0.26 times.

Prior to taking over as MD of SIB in 2014, Mathew was Chief General Manager-Risk Management at State Bank of India (SBI). According to sources, the Federal Bank MD and chief executive officer, Shyam Srinivasan is also waiting to hear from RBI on his fourth term as he has already completed three terms in 2019.