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Rakesh Sharma may continue to head IDBI Bank

Rakesh Sharma is likely to continue as MD and CEO of IDBI Bank and will have a 3 year tenure. His 6-month term is will be over in April. The bank said in a statement it is ‘professionalizing and broad-basing its board’. Sharma, a former MD and CEO of Canara Bank, was among the few bankers hired in 2015 from the private sector to lead big state-run banks. The bank’s statement said the bank and LIC, through their collective network of branches, offices and workforce, have started leveraging their mutual business synergies. “The major areas of synergy identified for the immediate short term are pertaining to selling of LIC policies through IDBI bank branches, management of cash and other premium receipts of LIC through the bank’s branches,” it said. The statement added that the bank is putting in place necessary business enablers to bring the convenience of banking and insurance services at one stop for all its customers. These strategic initiatives will pave the way for improved operations and better financials, which in turn, would lead to wealth maximization for all its stakeholders, it added.

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