Private sector lender ING Vysya Bank’s Board has announced Deputy CEO Uday Sareen as a successor to current Managing Director and CEO Shailendra Bhandari, who resigned on Tuesday after an over 5-year stint with the bank.
“The Board of ING Vysya Bank today announced that Managing Director and Chief Executive Officer, Shailendra Bhandari has expressed his desire to leave the company to pursue new challenges. The Board, in their meeting held on October 28, 2014, accepted his letter of resignation,” the bank said in a statement.
Bhandari will continue in office till January 31, 2015. “
He took charge as MD and CEO of the bank effective August 6, 2009. He has also served as MD and CEO of Centurion Bank of Punjab and also worked with HDFC Bank for 5 years.
The Board, in pursuance of its succession plan has identified Mr. Uday Sareen, currently Deputy CEO and Wholesale Bank Head, as a successor,” the bank added.
“The Board, subject to RBI approval, has identified Uday Sareen to succeed Shailendra, for his experience in banking, strategic planning and vision for deploying technology to change the paradigm of banking in the future. We look forward to his rich experience and vision, to lead ING Vysya Bank, in its journey to be a strong, vibrant, technology driven bank that stands for innovation and making banking easier for customers,” the Board said.
Bhandari said his decision had evolved over time, “I just felt that I needed to do something different with the skills and talents I’ve developed. So after over 5 years as Managing Director and Chief Executive, I believe this is the right time to pass on the baton. I am very proud of the achievements of ING Vysya Bank and our people. I am particularly proud that I could participate to the expansion of the bank across the country.”