Mumbai, 6 July, 2018: SVC Bank (SVC Co-operative Bank Ltd.), earlier known as The ShamraoVithal Co-operative Bank Ltd., has announced a new board of directors at the helm, post elections held recently. Mr. Vinod Yennemadi who has taken over the mantle of the Chairman, will be leading this 112 year old institution to the next level with a newly board of directors comprising experts from across banking, finance, engineering, technology, HR and other industries.
The announcement of the new board was made at the Bank’s AGM held on Friday, June 22, 2018. The new board has been elected for the term 2018-2019 to 2023-2024.
Mr. Vinod Yennemadi, Chairman expressed, “It is a privilege to lead this great institution and be a part of its 112 year old legacy. On behalf of the newly elected Board of Directors, I would like to thank each and every shareholder for their faith bestowed in us. I would like to assure all our stakeholders that we will continue to carry forward the legacy of SVC Bank and make our institution more profitable, consistently delivering on expectations, making it more futuristic and most importantly more participative and inclusive. Thank you once again.”
Mr. Vinod Yennemadi, FCA (England & Wales), ACA member of ICAI, has been a Professional Director on the Board of SVC Bank since 2012. Mr. Yennemadi brings with him a rich experience in the field of finance and banking by virtue of his positions held for over 23 years in leading corporate companies as Finance Director/Group Financial Advisor. Thereafter he joined HDFC Bank at its inception, as Executive Director (Finance & Administration), where he worked till retirement in 2011. He is also an independent non-executive Director in a leading Pharmaceutical company.
About SVC Bank:
Set up in 1906, SVC Bank has contributed significantly to the development of the cooperative movement in India for over a century. Today, the bank is one of the oldest and most recognized names in the country’s co-operative banking space and remains the country’s only multi-state scheduled bank with a presence across 11 states. It is also the first and only bank to develop and offer ‘Genius’ – a core banking solution to more than 80 other cooperative banks. With a total business of over Rs. 25000 crores plus and a net profit of Rs. 132 crores (FY 17-18), it has proven its robust and strong fundamentals. The Bank offers the entire gamut of services across Retail Banking, Corporate Banking and International Banking. Headquartered in Mumbai, the Bank has a vast spread of 198 branches and has an employee strength of over 2500. For more details visit www.svcbank.com
