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Our Bureau

Mr V. Narayanan

Chennai , Nov. 5

THE Chairman and Managing Director (CMD) of the Kumbakonam-based City Union Bank, Mr V. Narayanan, was killed in a road accident today.

He was 61 and is survived by his wife, who was injured in the accident, and two sons. A relative of Narayanan also died in the accident.

One of his sons, Mr N. Kamakodi, is Deputy General Manager (Human Resources Department) of the bank.

Narayanan had come to Chennai to participate in a function on November 3 when the bank's computer system department moved to new premises.

After that, he held internal meetings with the bank's officials and left by road this morning for Kumbakonam. The car in which he was travelling collided with a bus on the outskirts of Chennai.

A chartered accountant by training, Narayanan joined the bank as an Assistant Secretary in 1971 and was promoted as Secretary in 1977.

He was appointed Chairman and CEO in 1980, a post that he occupied till date.

Narayanan is widely credited with widening the bank's activity base and also increasing its presence at a national level. Along with this, the bank's infrastructure was also strengthened and more corporate clients added.

The bank also started providing foreign exchange services to its clients. It was in this stage of expansion that the bank dropped `Kumbakonam' from its name.

The bank, which was founded in 1904, also opened branches in other parts of the country as part of its expansion strategy.

City Union Bank has a large public shareholding in its Rs 24-crore equity.

The public holding is 81 per cent while banks, financial institutions and insurance companies together hold five per cent.

Private corporate bodies hold 13.48 per cent, of which Integrated Enterprises (I) Ltd holds 4.16 per cent and Shriram Chits (P) Ltd 1.41 per cent. Indian Bank has 3.67 per cent stake in the bank.

For the year ended March 31, 2004 the bank had clocked net profit of Rs 57 crore on income of Rs 342.68 crore.

For the second quarter of the current fiscal, net profit was Rs 9.21 crore on income of Rs 72.45 crore.

More Stories on : People | Public Sector Banks | Accidents

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