EXCLUSIVE: LIC asks UCO Bank to appoint a nominee from LIC on bank’s board
LIC’s demand comes after its stake in Kolkata-based bank increased to 17 percent
September 04, 2017 / 10:40 AM IST
An exterior view of Life Insurance Corporation of India's (LIC) headquarters is seen in Mumbai September 18, 2014. LIC Chairman S. K. Roy said he was "very bullish" about the banking, pharmaceutical, metals and IT outsourcing sectors because of expectations for a cyclical recovery and a stabilising rupee currency. Roy added LIC was headed for a "very good year", both in terms of its market investments and its core insurance business. The chairman said he expected growth of 12 percent in insurance premiums this fiscal year, in line with 13.4 percent last year. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS) - GM1EA9I1C5401
India's largest insurer, Life Insurance Corporation or LIC has asked UCO Bank to induct a nominee from LIC on the board of UCO Bank, sources in know told Moneycontrol.
LIC’s demand comes after its stake in Kolkata-based bank increased to 17 percent.
According to a source who spoke to Moneycontrol, bank may soon announce extra ordinary general meeting to take shareholder’s approval for inducting a nominee on the bank’s board.
If approved, this would the first time LIC nominee will be appointed on the board of UCO Bank since 2003. So far, only nominee from the Reserve Bank of India is on the Board of UCO Bank.
At present, there are 6 members on the Board of Directors of UCO Bank. RK Takkar is the Managing Director & CEO, Charan Singh and G. Subramania Iyer are executive directors and Sindhu Pillai, Arvind Sharma, and Anil Sharma are directors on the board.