Excelsior Correspondent
SRINAGAR, June 12: To further strengthen its top management, J&K Bank has made elevations in the top management by promoting six Presidents to the level of Senior Presidents.
The orders to this effect were issued by Mushtaq Ahmad, Chairman & CEO here today. The new Senior Presidents include Vagish Chander, Shafat Ahmad Banday, Meera Jamwal, Roop Krishan Shah, Surjeet Singh Sehgal and Abdul Rauf Bhat.
Commenting on the elevations, Chairman said, “The promotions are part of the Bank’s plan to allow further momentum at the leadership level to consolidate upon growth and expansion”.
Describing bank’s human capital as the biggest asset, Chairman said, “In our endeavour to value and recognize the contribution of human resource, we have been constantly creating opportunities to present a promising growth path to our human resource across all levels.”
“The strategic aspect of the elevations is also closely tied with our increasing footprint and growing size and as such the whole process of succession planning that we have been talking about needs to be seen in the backdrop of ever-evolving challenges and opportunities, and adding value to our brand and business”, he emphasized.
Meanwhile, in a move that will make the shares more affordable and pave way for its increased liquidity in the market, the Board of Directors of the J&K Bank Ltd, has opted for a 10:1 stock split (Ten shares of Rs 1/- each for every one share of Rs 10/- held) at its today.
An investor-friendly move of the Bank is intended to help more investors – particularly small investors – to get into the stock investment mode. And hence they would be welcome. The decision of the Board however, would be subject to approval of the shareholders at the ensuing Annual General Meeting of the Bank scheduled to be held on 2nd August, 2014.
Presently market liquidity of Shares of the Bank has been reduced drastically because Government of J&K (53.17%) along with Foreign institutional investors (28.77) hold 81.94% of total equity shares of the Bank and the remaining 18.06% is held by other Investors.
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