Shares of South Indian Bank Ltd rose 6% in early trade today after the bank’s board of directors approved the panel of candidates for the MD and CEO positions. Shares of South Indian Bank Ltd were trading 5.22% higher at Rs 18.20 at 10:46 am on the NSE.

According to a filing with the BSE dated May 31, 2023, South Indian Bank will apply for the names of candidates to the RBI to seek approval for the appointment of a new MD and CEO.

The bank further disclosed several new appointments to key management positions through a separate filing with the BSE, saying, “We hereby inform Mr Joby M C, Joint General Manager, Head of Inspections and vigilance department, and chief of internal vigilance and key managerial personnel of the bank is retiring from the bank after the close of business on May 31, 2023, and will cease to be key management personnel under section 2(51)(v) of the Companies Act, 2013. The bank’s board of directors has appointed Mr Nandakumar G, general manager, as head of the inspection and vigilance department and head of the internal audit and chief of internal vigilance of the bank with effect from June 1, 2023.

South Indian Bank Ltd shares have significantly underperformed the benchmark Nifty Bank index over the past 5 years. The bank’s shares have fallen 24.78% against a return of 63.70% for the benchmark Nifty Bank index over the same period.