First Bank of Nigeria Limited, under the leadership of Dr Sola Adeduntan, remains committed to upholding a gold standard of excellence in the banking industry. Adeduntan, the Group Managing Director of FirstBank, reaffirmed the bank's dedication to providing exceptional financial services and maintaining its position as Nigeria's premier financial institution. He emphasized the bank's unwavering support for small and medium enterprises (SMEs) during economic challenges, recognizing their vital role in driving economic development. Adeduntan also highlighted the significant loans disbursed by Nigerian banks to the real sector, with FirstBank alone growing its loan book by over N1 trillion. He called for the non-oil sector to generate substantial revenues to reduce reliance on crude oil. Adeduntan discussed solutions to the foreign exchange crisis and outlined the bank's commitment to diversifying its earning asset portfolio through increased lending to the real sector.
FirstBank's innovative strategies and bold leadership continue to reinforce its position as a key player in attracting foreign direct investment (FDI) and contributing to Nigeria's economic growth. By leveraging technology and embracing innovation, FirstBank is at the forefront of positioning Nigeria as the top destination for FDI in Africa. The bank's efforts in driving infrastructure development and fostering strong customer relationships further solidify its leadership in attracting FDI and driving economic growth in the country.
Federal Bank, one of India's leading private sector banks, has recently achieved a significant milestone with the inauguration of its 600th branch in Tanur, Malappuram district of Kerala. The branch was inaugurated by Tanur Block Panchayat president K Salmath, highlighting the bank's commitment to expanding its presence in its home market. Shalini Warrier, Executive Director of Federal Bank, expressed delight at reaching this milestone and emphasized the branch's digital capabilities delivered through Fed-e-Studio. This expansion in Kerala reflects the bank's strategic focus on enhancing its service portfolio and addressing the evolving needs of its customers. With its continued growth and commitment to innovation, Federal Bank is well-positioned to serve the banking needs of the people in Kerala.
Krishna Venkat Subramanian (KVS) Manian has been appointed as the managing director and chief executive officer (CEO) of Federal Bank Ltd. The appointment will be effective from September 23 for a period of three years. Manian will succeed Shyam Srinivasan, who has been the CEO of Federal Bank since 2010. Manian was previously the joint managing director at Kotak Mahindra Bank until he resigned in April. The Reserve Bank of India approved Manian's appointment. The news of Manian being tapped as the successor to Srinivasan was first reported in February by NDTV Profit.
Shares of Federal Bank Ltd. hit record highs on Tuesday after the Reserve Bank of India approved the appointment of Krishna Venkat Subramanian as managing director and chief executive officer of the bank. The appointment will come into effect from Sept. 23 and will be for a period of three years. Manian will succeed Shyam Srinivasan, who is set to retire in September. The appointment brings an end to the uncertainty around management succession, according to Nomura. Stock of Federal Bank rose as much as 5.45% to hit a record high of Rs 203.4 apiece on the NSE. Thirty-two out of the 41 analysts tracking the company have a 'buy' rating on the stock. The average of 12-month analyst price targets implies a potential downside of 1.5%.
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