Axis Bank appoints Dr. Sanjiv Misra as Non-Executive Chairman

Axis Bank appoints Dr. Sanjiv Misra as Non-Executive Chairman and Independent Director

Mumbai, May 12, 2016: The board has approved the appointment of Dr. Sanjiv Misra as Independent Director and Non-Executive Chairman of the Bank, w.e.f 12^th May 2016 for a period of five years, subject to the approval of shareholders.

Dr. Misra was earlier the SUUTI nominee on the board as Non-Executive Chairman for three years till 11^th May 2016. The right of SUUTI to appoint the Chairman of the Bank, under the old Article 89 (1) of the AOA was rescinded, with effect from 10^th May 2016, post amendment of the Articles of Association of the Bank.

In view of the above, Dr. Sanjiv Misra has tendered his resignation as the Non-Executive Chairman of the Bank (as the nominee of SUUTI), and has now been appointed as Non-Executive Chairman and Independent Director wet 12^th May 2016.