IDBI Bank’s board of directors has approved re-appointing Samuel Joseph Jebaraj as deputy managing director for three years with effect from September 20.
“Shri Samuel Joseph Jebaraj is not related to any other Director on the Board and KMP (key managerial personnel) of the Bank. It is further confirmed that Shri Samuel Joseph Jebaraj, DMD is not debarred from holding the office of director by virtue of any SEBI order or any other such authority,” IDBI Bank said in an exchange filing.
Jebaraj handles verticals for large and mid-sized corporates, trade finance and NPA (non-performing assets) management and he has been a member of internal committees for more than a decade, said IDBI Bank.
Media reports last week said that the government is likely to invite next month preliminary bids for selling its stake in IDBI Bank and discussions with the Reserve Bank of India are at the final stages.
The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021.
The government holds 45.48 per cent in the bank, and Life Insurance Corp of India, which is currently the promoter of the bank, owns a 49.24 per cent stake.