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.
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.