The Reserve Bank of India has accorded its approval to Kotak Mahindra Bank Limited to acquire an aggregate holding of up to 9.99% of the paid-up share capital or voting rights in city union bank . The development was disclosed to the stock exchanges on May 7, 2026, pursuant to Regulation 30 of the SEBI Listing Regulations, 2015, as amended.

RBI Approval Details

The approval was communicated through RBI letter No. CO.DOR.HGG.No.S1015/16-01-136/2026-2027, dated May 6, 2026. City Union Bank's Company Secretary and Compliance Officer, Venkataramanan S, formally intimated the exchanges on behalf of the bank.

The key parameters of the regulatory approval are summarised below:

Regulatory Conditions

The approval granted by the RBI is subject to compliance with a set of applicable regulatory frameworks. City Union Bank outlined the following conditions in its exchange filing:

• Banking Regulation Act, 1949
• RBI (Commercial Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025, dated November 28, 2025, as amended from time to time
• Foreign Exchange Management Act, 1999
• Regulations issued by the Securities and Exchange Board of India
• Any other applicable statutes, regulations, and guidelines

About the Disclosure

City Union Bank, incorporated in 1904 and headquartered at 149, T.S.R. (Big) Street, Kumbakonam, Tamil Nadu, made this disclosure in compliance with its obligations under the SEBI Listing Regulations. The intimation confirms that the RBI's approval is contingent upon adherence to the full spectrum of applicable banking, foreign exchange, and securities laws governing such acquisitions.

City Union Bank Limited has officially announced the appointment of Shri. R. Vijay Anandh as the Managing Director and CEO of the bank, effective May 1, 2026. The appointment has been made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations 2015, with the bank confirming that Anandh has taken charge of his new role.

Appointment Details and Regulatory Compliance

The appointment is for a period of three years commencing from May 1, 2026. The bank has disclosed the appointment details as required under Para A of Part A of Schedule III of the SEBI Listing Regulations, read with SEBI Master Circular No: HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The bank has confirmed that Anandh is not debarred from holding the position of Director by any order from SEBI or other regulatory authorities.

Professional Background and Experience

Anandh, aged 51 years, is a qualified B.Sc. in Computer Science and holds an MBA degree. He brings extensive experience spanning 28 years in retail banking, with particular expertise in retail credit underwriting, retail risk management, policy formulation, fraud control, litigation, and debt management. His career progression within City Union Bank has been significant, joining as Executive President in March 2024 and subsequently being appointed as Executive Director in June 2024.

In his previous roles at the bank, he has supervised and provided strategic direction across multiple key areas including advances, business MSE and jewel loans, retail and cards business, operations, customer experience, human resources, compliance, risk management, information technology, and data and business analytics.

Career Journey and Leadership Roles

Prior to joining City Union Bank, Anandh served as Group Executive Vice President and Business Head - Retail Assets at RBL Bank. He was among the first batch of employees to join RBL Bank (formerly Ratnakar Bank Limited) in 2011, where he played an instrumental role in building the bank from its foundation and facilitating its transformation into a modern private sector bank with robust retail and rural presence.

The appointment follows earlier intimations to the exchanges dated February 9, 2026, and April 6, 2026. The bank has disclosed that there are no relationships between directors that require reporting under the SEBI regulations. Company Secretary and Compliance Officer Venkataramanan S signed the official regulatory filing announcing the appointment.