The board of directors of UTI Bank on Monday approved a proposal to change the name of the bank to Axis Bank. The meeting also approved a proposal for the appointment of its current chairman and managing director P.J. Nayak as wholetime chairman of the bank with effect from 1 August 2007. This essentially means the bank is splitting the top position between chairman and managing director. However, a board member said though Nayak is being made the wholetime chairman, there would be no post of managing director.
The recommendation for the change of name of the bank has arisen from the existence of several shareholder-unrelated entities using the UTI brand, and the consequent brand confusion, a UTI Bank release said. The bank is expected to adopt the new name by end June following the approval of shareholders, the Reserve Bank of India and the Registrar of Companies. The rebranding process is expected to be completed within another three months. (Staff Writer)
Key WTO players to meet on 17-18 May
Geneva: The four key players in the WTO’s long-running round of trade liberalization talks—the European Union, the United States, India and Brazil—will meet in Paris from 17-18 May, a European source said here on Monday.
Representatives from the “G4” group—EU trade commissioner Peter Mandelson, US trade representative Susan Schwab, trade minister Kamal Nath and Brazilian foreign affairs minister Celso Amorim—will hold discussions in an embassy at the French capital, the source said. The four last met in New Delhi in mid-April but failed to reach a deal on agriculture, which has stymied global trade talks since the Doha Development Round was launched in 2001. (AFP)
Sundeep Bhandari on Cairn advisory board
New Delhi: Cairn India has appointed Sundeep Bhandari as the chairman of the company’s corporate advisory board (CAB), which will provide inputs to the management.
“The CAB will be chaired by Sundeep Bhandari who has had a long involvement with Cairn,” a company press release said here. PTI
Lehman hires ICICI’s Purker as MD in India
Mumbai:Lehman Brothers Holdings Inc., the fourth-largest US securities firm, said it has hired Prashant Purker from ICICI Bank Ltd as the managing director and head of global finance in India. Lehman, which last week hired Pankaj Vaish from Citigroup in New York to head its equities and fixed-income businesses in India, made the announcement in an emailed statement in Mumbai. (Bloomberg)
D. Subbarao is new economic secretary
New Delhi:D. Subbarao will take over as economic affairs secretary in the ministry of finance, a government release said in New Delhi on Monday.
Subbarao replaces Ashok Jha, who retired from government service on Monday. Subbarao is presently working as secretary to the prime minister’s economic advisory council, according to the office of the secretary, economic affairs. Jha is the seniormost bureaucrat in the finance ministry. (Bloomberg)
Sebi fines depository firms for IPO scam