Union Bank of India CMD Rajkiran Rai gets 2-year extension

Union Bank of India’s managing director and CEO, Rajkiran Rai an extension of two-year given in its ongoing merger process with Andhra Bank and Corporation Bank. Rai, whose term would have ended yesterday, will now be serving till May 31, 2022.

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Rai was appointed as the managing director of Union Bank on July 1, 2017, for a period of 3 years until June 30, 2020. The extension of Rai’s tenure implies to facilitate the merger properly. The merged entity is now India’s fifth-largest public sector bank.

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