Axis Bank's Parthasarathi Mukherjee to be Lakshmi Vilas Bank's 3rd chief executive in 4 years

MUMBAI: Axis Bank group executive Parthasarathi Mukherjee, who has put in his papers a few weeks ago, is believed to be in the reckoning for the top job at Lakshmi Vilas Bank.
The Chennai-based private lender will have the third chief executive in four years as it aims to find its feet in a market that is getting fiercely competitive with the proliferation of new banks.

The bank had received over 160 applications for the post, but Mukherjee's experience in handling large corporates and treasury seems to be working in his favour, people familiar with the matter told ET. “Although RBI’s final mandate is yet to come, Mukherjee is the most likely candidate for the top job,” said one of the persons.

“We confirm that RBI had sought a reference in the matter to which we have responded," Axis Bank said in an email response. Axis said Mukherjee is now responsible for corporate relationship group and international business at the third largest private bank.

The central bank is expected to give its final nod in the next few weeks.

It is learnt that LVB has sent three names including Axis’s Mukherjee, NS Venkatesh - chief financial officer at IDBI Bank, and SS Bhatt, chief general manager from Bengaluru-based state-owned Canara Bank to the central bank for its consent.

Bhatt has confirmed appearing for an interview, while Venkatesh did not respond to calls and text messages.

"We are in the process of finalizing a shortlist of names for the position of managing director. There is a process mandated in this matter by the bank’s board of directors," LVB said responding to ET's queries.

The post was lying vacant since September after Rakesh Sharma stepped down as MD to head state-owned lender Canara Bank.

Mukherjee carries three decades of banking experience with him. According to his Linked-in profile, he was heading Axis Bank Treasury at a crucial time when the global markets were passing through the phase of upheaval between 2007 and 2008. Mukherjee, a Presidency College alumnus, started his career as a probationary officer with State Bank of India in 1982 and moved to the then UTI Bank in 1994.

LVB reported 42 per cent year-on-year rise in net profit to Rs 45 crore for the September quarter this year. The share of net non-performing assets to total loans improved to 1.01 per cent from 2.78 per cent in the corresponding quarter a year ago.