Federal Bank's Shyam Srinivasan steps down, after a transformative 14-year innings

Shyam Srinivasan officially steps down as the Managing Director and Chief Executive Officer of Federal Bank on September 22, after a 14-year tenure marked by significant achievements. He took charge on September 23, 2010, and during his time, he played a crucial role in transforming the Federal bank from a regional institution based in Aluva, Kerala, into a prominent national bank.

Digital at the fore, human at the core

Under Mr Srinivasan's leadership, Federal Bank underwent a substantial transformation, professionalising its operations and integrating digital technology ahead of many newer banks. He championed the philosophy of "Digital at the fore, human at the core," leading to enhanced customer experiences through various digital banking services such as FedMobile, FedNet, and FedBook. The bank also forged partnerships with multiple fintech companies, expanding its services internationally, particularly in the Middle East.

Financial milestones

During Mr Srinivasan’s tenure, the bank’s market capitalization experienced remarkable growth, rising from ₹6,321 crore to ₹45,291 crore. This significant increase underscores the substantial progress the bank achieved under his leadership. Revenue increased from ₹1,942 crore to ₹11,373 crore, while profit rose from ₹465 crore to ₹3,721 crore. Additionally, the number of bank branches grew from 672 to 1,504, and ATMs increased from 732 to 2,015.

Federal Bank garnered numerous national awards during Srinivasan’s leadership, further establishing its reputation in the banking sector.

An emotional farewell

Srinivasan, a known cricket enthusiast and admirer of Indian cricket legend Rahul Dravid, received an emotional send-off from Federal Bank employees, who celebrated his departure by raising cricket bats in tribute. K.V. Subramanian, formerly the Joint Managing Director of Kotak Mahindra Bank, will succeed him as the new head of Federal Bank.