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Wednesday, February 21, 2007

P J Nayak reappointed UTI Bank chief

The sentiment was of overwhelming joy at the corporate office and branches of UTI Bank after its board of directors reappointed P J Nayak to lead the new generation private bank. The board has recommended to retain Nayak as the chairman and MD until July 31, 2009. His term was to end on July 31, 2007.

"We are very happy. Such leadership is rare. Employees across the country are distributing sweets," a UTI Bank executive said.

The appointment is subject to approval by the Administrator of the Specified Undertaking of Unit Trust of India (SUUTI), and Reserve Bank and subject to confirmation by the bank's shareholders at the next general meeting.

"SUUTI has reappointed P J Nayak as he's been doing a good job. We thought we must give him an extension as the bank needed continuity before we can find a suitable successor," said S B Mathur, administrator, SUUTI. The major shareholders in the bank are SUUTI with 27.47% and LIC of India which holds 10.39%.

In 2004, Nayak had offered to exit the bank as the board had decided to split the post of the chairman and MD. It was a major spat between the bank's top brass and promoter-shareholder SUUTI.

Sources said the then SUUTI chief, M Damodaran cherished the dream of a mega merger of UTI Bank with IDBI and IDBI Bank which would never fructify with Nayak at the helm

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