Shailendra Bhandari is new chief of ING Vysya Bank

ING Vysya Bank today announced the appointment of Shailendra Bhandari as its managing director and chief executive for a period of three years. Bhandari would assume charge with immediate effect, the bank said in a filing with the Bombay Stock Exchange.

The Netherlands-based ING Group has a 44 per cent stake in Bangalore-based ING Vysya.

Bhandari has previously worked with Citibank, HDFC Bank, and Centurion Bank of Punjab. He succeeds Vaughn Richtor, till recently the managing director and chief executive of ING Vysya.

Bhandari, an alumnus of Delhi's St Stephen's College and the Indian Institute of Management, Ahmedabad, till recently headed the private equity arm of Tata Capital.

"He brings to the table extensive experience and a proven track record of growing businesses and creating shareholder value. My fellow directors and myself are confident that the bank is well-positioned to unleash its tremendous potential for growth," a press release from the bank quoting chairman K R Ramamoorthy, said.

Between 2000 and 2004, Bhandari moved over to asset management, joining ICICI Prudential MF as managing director and chief executive. He then joined Centurion Bank and led its merger with another private bank, Bank of Punjab, in 2005 before another acquisition, this time of the Kochi-based Lord Krishna Bank in 2006. Centurion Bank of Punjab was subsequently acquired by HDFC Bank.

ING Vysya Bank's board, which met on Wednesday, also approved a capital-raising plan, under which the bank proposes to issue up to 24.1 million shares through either QIP/rights/GDR/FCCB or preference shares. It is also learnt that the ING Group will continue to hold 44 per cent in the bank and would ensure that its stake does not get diluted, post the capital-raising plan.