| Log in

Dhanlaxmi Bank CEO Amitabh Chaturvedi Quits

07 February, 2012

Besides Customers Bancorp Inc, Mount Kellet Capital (a private equity firm run by former Goldman Sachs partner Mark McGoldrick), Wolfensohn Capital Partners (equity fund promoted by former World Bank chief James Wolfensohn) and Multiples (private equity firm started by former ICICI Ventures’ chief Renuka Ramnath) were to invest in the Thrissur-based private bank.

Thrissur-based Dhanlaxmi Bank’s managing director and chief executive Amitabh Chaturvedi, who was responsible for aggressively scaling up the bank’s network and increasing the balance sheet size since he assumed charge in 2008, has put in his papers.

P G Jayakumar, currently the executive director of the bank, will replace Chaturvedi, the bank said in a statement.

Although the bank did not reveal specific reason for his departure, according to various media reports, Chaturvedi left due to differences of opinion with other board members over the functioning and management of the bank. His next moves were not immediately disclosed.

Even as the bank managed to scale up quickly under his leadership, the expansion weighed down the profitability due to a high cost structure. Chaturvedi-led management also faced a serious tiff with one of the workers union associated with the bank, which alleged accounting irregularities.

Before joining Dhanlaxmi Bank, Chaturvedi had worked with ICICI Bank and Reliance Capital.

At 12:51PM, on the Bombay Stock Exchange, shares of Dhanlaxmi Bank traded at Rs 56.90 up 1.07 per cent from previous close.

Earlier in 2011 July, US-based Customers Bancorp Inc and three private equity firms withdrew their proposed fund infusion in the bank through a preferential allotment, due to certain regulatory reasons. Dhanlaxmi was to raise Rs 290 crore ($64.4 million) by selling 19.6 per cent stake through a preferential allotment.

Besides Customers Bancorp Inc, Mount Kellet Capital (a private equity firm run by former Goldman Sachs partner Mark McGoldrick), Wolfensohn Capital Partners (equity fund promoted by former World Bank chief James Wolfensohn) and Multiples (private equity firm started by former ICICI Ventures’ chief Renuka Ramnath) were to invest in the Thrissur-based private bank.

Also Read:

Customers Bancorp, PE Investors Scrap $64.4M Investment In Dhanlaxmi

 

 


Leave Your Comment
Dhanlaxmi Bank revives fundraising, eyes around $38M

Dhanlaxmi Bank revives fundraising, eyes around $38M

Bruhadeeswaran R 5 years ago
Dhanlaxmi Bank has taken an in-principle decision to raise Rs 200 crore or $38...
Customers Bancorp, PE Investors Scrap $64.4M Investment In Dhanlaxmi

Customers Bancorp, PE Investors Scrap $64.4M Investment In Dhanlaxmi

Madhav A Chanchani 6 years ago
Dhanlaxmi Bank has said that>US-based Customers Bancorp Inc. and three...
PEs, Institutional Investor Infuse $64M In Dhanlaxmi Bank

PEs, Institutional Investor Infuse $64M In Dhanlaxmi Bank

TEAM VCC 7 years ago
Dhanlaxmi Bank has raised Rs 290 crore ($64.4 million) by selling 19.6 per cent...
No Comments

Dhanlaxmi Bank CEO Amitabh Chaturvedi Quits

Powered by WordPress.com VIP