Shares of Union Bank of India Rise as Avinash Vasant Prabhu Becomes CFO

Union Bank of India has appointed Avinash Vasant Prabhu as its new Chief Financial Officer, effective immediately. This announcement triggered a notable increase in the bank’s shares, marking a 2.57% rise.

Union Bank of India’s decision aligns with the Securities and Exchange Board of India’s (SEBI) regulations on executive changes. Prabhu has been appointed on a three-year contract, extendable up to five years based on performance evaluations.

Prabhu, taking over from the previous CFO CA Prafulla Kumar Samal, brings over 25 years of experience to the role. His career includes significant positions at Deutsche Bank India and Arthur Andersen, showcasing expertise in transformational leadership and managerial roles at Credit Agricole (OTC: CRARY) CIB in India. Prabhu’s proficiency spans regulatory compliance, tax matters, infrastructure finance, and strategic financial planning.

Avinash Vasant Prabhu’s appointment as CFO has drawn investor interest, evident in the bank’s share price rise. Union Bank of India holds significance in the banking industry, offering a high return on invested capital. Over the past year, the bank demonstrated a favorable return, indicating a positive trajectory.

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