Partner Channels: Auctions | Auto | Bill Pay | IT Education | Jobs | Lifestyle | Technology | Travel
April 14, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Weather | Wedding | Women Partner Channels: Auctions | Auto | Bill Pay | IT Education | Jobs | Lifestyle | Technology | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report April 14, 2001 |
Feedback
|
|
|
Focus on putting house in order, not growth: HugarBS Banking Bureau Growth is not at the top of the agenda for Global Trust Bank chief RS Hugar. He wants to put the house in order first. The new CMD had a series of meetings with senior officials of the bank and the RBI top brass on Friday before rounding off the day with meetings with a few public sector bank chairmen to ensure GTB's overnight call money, term money and forex exposures are restored. These banks have recently snapped all exposures to the beleaguered GTB. Hugar strongly refuted that he would dance to the tune of former chief Ramesh Gelli stating: "I have learnt my banking lessons over the last 35 years religiously and nobody can do backseat driving using me as a front. Hugar wants to recast the organisational structure of the bank by making a few new appointments at the senior level and shifting the bank's corporate office to Bombay, which accounts for 50 per cent of GTB's business. Mired in controversies over insider trading, price rigging, excessive exposure to stock broker Ketan Parekh and the merger with UTI Bank which never materialised, GTB needs to put the house in order first before launching into a growth path. "I have given myself one week to look into the areas where weaknesses have surfaced and to eliminate them," Hugar said. Hugar, who had joined the GTB board last October as a director, said aggressive growth might have done the bank in as proper checks and balances were not created or devised. "During the course of a bank's evolution, it has to face bumps and also weather storms. I will captain GTB well and pull it out of the mess," said Hugar. He wants to build GTB as a professionally managed organisation. "The entire financial world has to look at GTB as a well-managed financial entity. Later, we can take up other things one by one," said Hugar. Powered by ALSO READ:
|
||||
