UTI Bank to split CMD post

Mumbai: The board of UTI Bank has decided to split the post of chairman and managing director into two posts - non-executive chairman and managing director.

In a statement to the stock exchanges, the bank said the board took the decision at its meeting on December 15. However, no decision has been taken about who will hold these two positions after December 31, 2004, when the tenure of the incumbent chairman and managing director, P.J. Nayak, ends.

Unit Trust of India, which owns 33 per cent in UTI Bank is likely to nominate the chairman and the managing director.