Why did PNB Housing Finance's CEO quit? Bank explains
What's the story
Ashok Chandra, the MD and CEO of Punjab National Bank (PNB), has clarified that the resignation of Girish Kousgi from his role as MD and CEO of PNB Housing Finance was purely because of personal reasons. He said Kousgi's exit wasn't due to any internal issues or business-related concerns. "He has some family commitments at Bengaluru, and that is the only reason for which he has put in his paper," Chandra told CNBC-TV18.
Leadership transition
HR firm hired to find new CEO
The board of PNB Housing Finance has hired an external HR firm to search for a new CEO. "They will be looking for some good candidate," Chandra said. When asked if PNB plans to raise its stake in the housing finance firm, which it currently holds more than 28% stake in, Chandra said there are no such plans at present.
Stability assurance
No major challenges in asset quality
Responding to concerns over asset quality and potential issues in the company's books, Chandra assured investors that there are no challenges. The PNB Housing Finance board will hold an investor meet today to address concerns and clarify their position on growth, asset quality, and margins.