Canara Bank , one of India's leading public sector banks, has announced the appointment of Balakrishna Raghavendra Rao as its new Shareholder Director. The appointment, effective from September 13, 2025, comes as a result of an uncontested nomination process, leading to the cancellation of the previously scheduled Extraordinary General Meeting (EGM).

Appointment Details

Rao's term as Shareholder Director will extend until November 29, 2027. The appointment was deemed automatic as per Regulation 66 (i) of Canara Bank (Shares and Meetings) Regulations, 2000, given that only one valid nomination was received for the single vacancy position.

Profile of the New Director

Balakrishna Raghavendra Rao, aged 62, brings a wealth of experience to Canara Bank's board:

• Over 33 years of experience in various facets of banking
• Previously served as Deputy Managing Director at State Bank of India, Corporate Centre, Mumbai
• Holds a Post Graduate Degree (M.Sc-Tech) in Instrumentation Engineering
• Certified Associate of Indian Institute of Bankers
• Completed on-site training courses in Business Management from Chicago School of Business (2019) and London School of Business (2023)

Regulatory Compliance

The bank has confirmed that Rao is not related to any existing directors of Canara Bank. Furthermore, he is not debarred from holding the position of Director by any regulatory or statutory authority, including the Securities and Exchange Board of India (SEBI).

Cancellation of EGM

As a result of the uncontested nomination, Canara Bank has announced the cancellation of the Extraordinary General Meeting that was originally scheduled for September 25, 2025. The meeting was intended solely for the purpose of electing a Shareholder Director, which is now unnecessary given Rao's automatic appointment.

Implications for Canara Bank

The appointment of Balakrishna Raghavendra Rao as Shareholder Director is expected to bring valuable insights and expertise to Canara Bank's board. His extensive experience in banking, coupled with his educational background and international training, positions him well to contribute to the bank's strategic decisions and governance.

This development comes at a time when Canara Bank is navigating various financial milestones. The bank recently made timely interest and redemption payments on its Basel III compliant Additional Tier 1 Bonds, demonstrating its strong financial position and commitment to its obligations.

As Canara Bank continues to strengthen its leadership team, stakeholders will be watching closely to see how Rao's appointment influences the bank's future strategies and performance in the competitive Indian banking sector.

Canara Bank's asset management arm, Canara Robeco Asset Management Company Limited, has reached a significant milestone in its journey towards going public. The subsidiary received approval from the Securities and Exchange Board of India (SEBI) to file its Red Herring Prospectus (RHP), marking a crucial step in its initial public offering (IPO) process.

SEBI Approval Details

According to an official communication from Canara Bank to the stock exchanges, Canara Robeco received a letter from SEBI containing final observations and approval for filing the RHP. The company confirmed receipt of this important communication.

Implications for Canara Robeco

The SEBI approval is a pivotal development for Canara Robeco, as it paves the way for the company to proceed with its IPO plans. The Red Herring Prospectus is a crucial document in the IPO process, providing potential investors with detailed information about the company's business, financial condition, risks, and the terms of the offering.

Next Steps

With SEBI's approval in hand, Canara Robeco is now poised to move forward with its public listing plans. The next steps typically involve:

• Finalizing the RHP
• Setting an IPO date
• Determining the price band for the share offering

Investors and market watchers will be keen to see the details of the offering once the RHP is filed and made public.

About Canara Robeco

Canara Robeco Asset Management Company Limited is a joint venture between:

• Canara Bank, one of India's leading public sector banks
• Robeco Groep N.V., a Netherlands-based global asset management firm

The company offers a range of mutual fund products and investment solutions to retail and institutional investors.

This development signifies Canara Bank's strategic move to potentially unlock value in its asset management business. As the IPO process unfolds, it will be interesting to observe how this impacts Canara Bank's overall business strategy and financial performance in the coming months.