GTB expands board

HYDERABAD, JUNE 16. The board of Global Trust Bank (GTB) acquired a new look with four professionals joining it at the Eighth Annual General Meeting here today. The shareholders appointed Mr. Venkappa M. Agadi and Ms. Parimala Anand as directors, the latter being the only woman member on the board. Mr. Agadi was earlier Chairman and Managing director of Parke-Davis (India), a GTB release said.

The board of directors also invited Dr. P Kotaiah, former Chairman and Managing Director of Nabard, to join the board. Former Chief Justice of Madras High Court, Justice Mr. K. A. Swami, who joined the board in April 2001, was again co-opted as additional director after the AGM.

Speaking on the occasion, Mr. R. S. Hugar, Chairman and Managing Director of GTB, said ``there is repositioning of assets strategy, which emphasises growth in high-end and retail segments. We have revamped our distribution strategies relating to branches, ATMs and Internet technology and human resources development would be the main business drivers.''

The bank's founder Chairman and Managing Director, Mr. Ramesh Gelli, who announced his intention not to stand for re-election as director, said ``as a part of good corporate governance, the process of segregating share ownership and bank management would now be complete.,''