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IDBI Bank MD not to seek extension

Mumbai, June 12: Gunit Chadha, the high profile managing director and chief executive of IDBI Bank Limited will be stepping down at the end of his tenure on August 21, 2003 from the bank. Chadha will not be seeking to extend his current contract, IDBI Bank said today.

In a notice to the stock exchanges, IDBI Bank said: “At the meeting of the board of directors on June 12, the board has been notified that Chadha will be retiring at the end of the tenure and he is not seeking to extend his current contract as managing director and chief executive officer.”

When contacted, Chadha said, “I am yet to take a decision on future plans and will make it known soon.” It is speculated among banking circles that Chadha is likely to join Deutsche Bank which is keen on increasing its presence in the country.

Chadha is credited to be the person behind the revival of the fledgling bank. However, with M. S. Verma, former chairman of IDBI Bank retiring, the bank’s plan to enlist a strategic partner took a backseat.

Chadha, whose continuance depended solely on being an independent bank, saw the dream fading as IDBI Ltd — the developmental financial institution tightened its grip lately over the bank.

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