Bharat Masrani First Indian Appointed CEO of Top Bank

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By A Correspondent

Bharat Masrani, who is in charge of Canada's top financial institution TD Trust's US personal and commercial banking operations, will take over as the CEO as of November 1, 2013. Masran is the first person of Indian-origin person to become CEO of Canada's top financial institution. Currently Sarabjit Marwah is the highest-ranking Indian in corporate Canada as the number two in Scotiabank in Toronto.

The 56-year-old Masrani was born in Uganda to Indian parents has been with TD Trust since 1987, started his career as a Commercial Lending Trainee where he rose to Account Manager, Commercial Accounts in 1988. He progressed through a number of positions and responsibilities before assuming the role of Vice President and Head, Corporate Banking Canada.

In 1996, Masrani was appointed TD's Vice President and Country Head for India and then to Senior Vice President, Corporate Finance and Co-Head in Europe in 1997. In 1999 he also served as Senior Vice President and Chief Executive Officer of TD Waterhouse Investor Services in Europe. Prior to his current position, Masrani was Vice Chair and Chief Risk Officer, Corporate Office, TD Bank Financial Group. Masrani earned his Bachelor of Administration with Honours in 1978 and then his MBA in 1979 from York University's Schulich School of Business. He currently lives in Portland, Maine, with his wife Shabnam and two children.

The TD's Board selected Masrani for the top job because of his excellent execution of his boss Ed Clark's strategies in the US where acquisitions of many banks, including those of Commerce Bancorp for more than $8-billion and some Florida banks, made TD Trust as one of the top ten banks in the US. In fact, the bank has more branches in the US (over 1,300) than in Canada (1,100). Outgoing CEO Ed Clark said, "Bharat brings a continuity of strategy, culture and values. I am extremely confident in the future of TD." TD Trust chairman Brian Levitt said, "As we look to the future, the Board is confident that Bharat's leadership, breadth of experience and global business insight will serve him well".

JULY 2018

Vol. 12 - No. 12


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