Dr. Haseeb A. Drabu resigns as Chairman & Chief Executive, J&K Bank
Srinagar, August 27, 2010:
Dr. Haseeb A. Drabu, Chairman & Chief Executive, J&K Bank tendered his resignation to the Board of Directors here today and sought to be relieved of all responsibilities of the bank.
In his resignation letter, Dr. Drabu thanked employees of the Bank, Board of Directors, Foreign Institutional Investors, state government, the regulatory authorities and all other stakeholders for giving him the support and cooperation to run this institution along professional lines.
While addressing the management and employees of the bank at Corporate Headquarters auditorium, Dr. Drabu said, “For me its institution that is important and not the individual. I leave with the satisfaction that I have worked for the last five years with integrity and the best of my competence. I am leaving with satisfaction that the bank today is stronger and better than when I took it over.
“I think we have transformed the bank from a good institution to a great institution. This has not been possible just because of me, but of course, it’s because of the employees of the bank”, he added.
Expressing gratitude for being part of the bank, Dr. Drabu said, “As i have said in my resignation letter that professionally it has been a privilege for me and personally a great honour to be a part of this institution, perhaps the most remarkable institution of the state.”
Meanwhile, the state government in consultation with RBI will make necessary interim arrangements for the smooth functioning of the bank till the RBI appoints a successor. It would be ensured that there is complete continuity in the management of the affairs of the bank and growth and profitability will not be allowed to suffer. The bank has enough depth at the leadership level comprises of two executive directors and eight presidents who will continue to manage the bank.
Various stakeholders of the bank especially foreign institutional investors who have large holdings in the bank, should be rest assured that the bank will continue to record exemplary performance under the new leadership and there is no cause of any concern whatsoever.
(This is a press release from J&K Bank)
