Bangalore based ING Vysya Bank Ltd has appointed Shailendra Bhandari as Managing Director and Chief Executive for a period of three years. Bhandari takes charge of the bank at close of business on August 6, 2009. Bhandari had put in his papers as the head of Tata Capital’s private equity business last month.
The board of ING Vysya Bank Ltd has today also approved fund raising through issuing 24.1 million shares. The bank plans to raise funds through convertible bonds, a share placement with institutional investors, or a preferential or rights issue, it said. The shares of the bank closed at Rs 213 yesterday.
The ING Group, a Dutch banking and insurance giant, has a 44% stake in the listed bank. Before joining Tata Capital last year, Bhandari was the Managing Director and CEO at Centurion Bank of Punjab. He also worked in HDFC Bank as Executive Director and Treasurer, and with ICICI Prudential MF as MD and CEO.
During his stay in Centurion Bank, he led its merger with Bank of Punjab in 2005 and Kochi-based Lord Krishna Bank in 2006, before the bank was subsequently acquired by HDFC Bank.