Mr. Arun Thiagarajan obtained his Masters degree in Electrical Engineering from Royal Institute of Technology, Stockholm, Sweden, and has had graduated in Business Administration & Information Systems from Uppsala University, Sweden. He has also attended the Advanced Management Programme at the Harvard Business School.

He started his career with Asea AB Vasteras, Sweden in 1969. In 1975, he became Managing Director of Flakt India Limited (previously SF India Limited), Calcutta. In 1984, he was recalled to Asea to head their India operations in Bangalore.

With the merger of Asea, Sweden and Brown Boveri, Switzerland in January 1988 and absorption of Flakt India in the organization, he was appointed the Deputy Managing Director of Asea Brown Boveri Limited at Bangalore. From 1994 till 1998, he was the Managing Director and Country Manager of the company at Delhi.

He joined the IT sector as Vice-Chairman, Wipro Limited, heading the Wipro Infotech Group in 1999. He has also been president of Hewlett Packard India from 2001-02. He is now a Management Consultant, and sits as a director on several Boards in India and Europe.

He has been active in The Confederation of Indian Industries, having been Chairman, CII National Committees on IT and Quality. He has earlier also been the Chairman, Southern Region and Karnataka State Committees of CII. He is a Charter Member of TiE (The Indus Entrepreneurs) Bangalore.

Mr. Shailendra Bhandari is the Managing Director and CEO of the Bank. He holds a Masters Degree in Management (MBA) from the Indian Institute of Management, Ahmedabad and Bachelor of Arts (Honours) in Economics from St. Stephen’s College in Delhi University. He took charge as Managing Director and CEO of the Bank effective 06-Aug-2009. He is a seasoned banker with 27 years of experience and an impressive track record of accomplishments. He was the Head of Private Equity at Tata Capital Limited. He was the former Managing Director and CEO of Centurion Bank of Punjab from 2004 until last year and widely credited for successfully turning around Centurion Bank and achieving impressive growth. During the period 2000 to 2004 he was the Managing Director and CEO of Prudential ICCI Asset Management, a company he grew into India’s largest private sector mutual fund. Prior to this, he was part of the core team charged with setting up HDFC Bank in 1994 as Treasurer and Executive Director. During his five-year tenure at HDFC, he established and ran the capital markets and private banking businesses and was also responsible for managing liquidity and price risks for the Bank’s balance sheet. He is also an ex-Citi banker, having spent twelve years in increasingly senior management positions in treasury, operations, fund management, securities and investments after getting a start as a forex dealer involved in US Dollar-Rupee trading back in 1982. He joined the Bank as MD & CEO effective 6 Aug 2009.

Sanjeev Aga is an Honours graduate in Physics from St. Stephen's College, Delhi (1971) and a post graduate from the Indian Institute of Management, Kolkata (1973). Business leader, organisation builder, adviser and mentor, Mr. Sanjeev Aga's career has traversed four decades, and sectors from consumer and services, entertainment and light engineering, to telecommunications.

In a career starting 1973, Mr. Aga held senior positions in Asian Paints, Chellarams (Nigeria), and Jenson & Nicholson. In 1987, he joined Blow Plast to head the Furniture business, was made Chief Executive of Mattel Toys in 1990, and in January 1993 was appointed Managing Director of Blow Plast with multi-business responsibility including the flagship VIP Luggage.

In 1998, he took over as CEO of Birla AT&T and led the company through expansions, mergers and acquisitions to be CEO of Birla Tata AT&T, then renamed Idea Cellular. In 2002, Mr. Aga left Idea to be with the Aditya Birla Group, where from 2005 until 2006, he was Managing Director of Aditya Birla Nuvo, a mini-conglomerate with interests spanning various group businesses.

With Idea's shareholding changing to become an Aditya Birla group entity, November 2006 saw Mr. Aga back as Managing Director. The next four years were a period of exceptional progress for Idea. The company improved its national market position from No.7 to No.3, joined the ranks of the 10 biggest global telecom companies, and importantly, became a highly regarded profitable company in a hyper-competitive sector. In recognition, ET in 2009 named Idea Cellular as The Emerging Company of the Year.

He stepped down as Managing Director of Idea Cellular in March 2011. He is based in Mumbai and now engages in advisory and consultant roles for corporates and not-for-profit organizations. He reads widely, speaks, and writes on a variety of subjects.

Apart from sectoral awards received, Forbes India Magazine had short-listed him among Indians categories, for the Person of the Year, 2010.

Other Directorships
• Idea Cellular Ltd.
• Subex Ltd.
• Pidilite Industries Ltd.
• Ocean Dial Investment Funds PLC

Mr. Richard Cox is a Fellow member of the Institute of Chartered Accountants in England and Wales. He has done his Masters in English language and literature from Oxford University, U.K. He is presently the Managing Director, Head of Credit Risk Management Asia, ING. Before joining ING in 1997, he was with KPMG for 6 years in different capacities in UK/Asia. He is on the Board with effect from 13-Jul-2006.

Mr. Santosh Ramesh Desai is currently the Managing Director and CEO of Future Brands Ltd. Before taking up this assignment, he was the President of McCann-Erickson, one of India’s premier advertising agencies. He has done MBA from IIM Ahmedabad and also has an Economics Degree from M.S.University, Vadodara. Santosh has spent 21years in Advertising and has been strategically involved in building key brands for a range of local and multinational clients. He is on the Board with effect from 29 Apr 2008.

His principal area of interest lies in studying the relationship between culture and brands. In this context, he has been responsible for initiating projects that seek a fundamental understanding of the Indian consumer as a product of his/her cultural context.

He has conducted workshops on a broad range of subjects in marketing and teaches at several educational Institutions.

He writes regularly on contemporary Indian society and on subjects related to Marketing in leading business and general interest publications including a weekly column in The Times of India –‘ City City Bang Bang’.

Mr. M. Damodaran is the former Chairman of the Securities and Exchange Board of India (SEBI). He holds degrees in Economics and Law from the Universities of Madras and Delhi respectively. Mr. Damodaran, IAS (Retired), has over 30 years of experience in financial services and public sector enterprises. Apart from being the Joint secretary to Government of India, he has held various positions in the Ministry of Finance, the Ministry of Information and Broadcasting and in the Ministry of Commerce. He has also served as the Chairman and Managing Director of Industrial Development Bank of India (IDBI) and as Chairman of the Unit Trust of India (UTI). For his contribution, he has been awarded numerous prestigious awards. He was awarded the “ET Policy Change Agent of the Year” Award and Rotary Award for professional excellence. After his retirement from SEBI, Mr. Damodaran is practicing as an independent consultant in diverse areas of management. He is the Director of the Bank with effect from 21-Jul-2008.

Mr. Vaughn Richtor holds Honors in Arts, first class (Honours) Bachelor’s Degree in Business Studies from South Bank University, London, and Diploma in Corporate Finance from London Business School. He was the Managing Director and Chief Executive Officer of the Bank with effect from 7-Feb-2006 and on expiry of his initial tenure of 3 years, RBI accorded its approval for extension of his tenure as Managing Director and CEO of the Bank for a period of two months effective 07-Feb-2009. Upon completion of his initial tenure and two months extension on 06-Apr-2009, Mr. Vaughn Richtor also ceased to be a Director as his directorship was co-terminus with his term as Managing Director and CEO. Subsequently, Mr. Vaughn Nigel Richtor was appointed by the Board of Directors as an Additional Director effective 1-Jun-2009 to hold office till the 78th AGM. He was appointed as a Director, liable to retire by rotation, by the shareholders in the 78th AGM held on 04-Sep-2009. Mr Vaughn Nigel Richtor is currently the CEO, ING Direct, Australia.

Mr. Vaughn Richtor started his career as Business Analyst at SKF, UK, subsequent to which he worked in Rank Xerox Limited as Senior Treasury Dealer / Assistant Treasurer and Treasury Analyst. He has also worked in Sedgwick Group as an Assistant Treasurer, International. Further, he has worked in ABN Bank, UK / ABN AMRO, as Head of Special Projects / Head of Corporate and Commercial Banking. During his association with ING Group since 1991, he had held positions of General Manager, International and Corporate Banking at ING Mercantile Mutual Bank, Deputy General Manager and Head of Corporate Banking at ING Bank (UK), General Manger at ING Bank (Dublin), Head of Corporate Banking at ING Bank (UK) and as the Chief Executive Officer of ING Bank (Australia).

Mr. Peter Henri Maria Staal is currently Country CEO, ING Bank in Spain, leading the Retail and Wholesale Banking business in the country.

Mr. Peter has more than 19 years of banking experience. He started his career in Amro Bank in March 1990 and joined ING Bank in February 1992. Mr. Peter held senior positions as Head of Power Finance, Director - ING Bearings, Global Head of Credit Risk Restructuring – ING Bearings, Managing Director and Head of Corporate Credit Risk and Senior Credit Officer, Asia, Managing Director and Head of Credit Risk, Asia, and General Manager CCRM, Head of Credit Risk ING Group reporting to Chief Risk Officer. Mr. Peter was also the Director of our Bank from October 2003 to September 2005. He was the Head of Banking Asia, America’s and UK, responsible for international operations of ING in Wholesale Banking in these regions and for the ING shareholdings in notably Asian universal banking operations in India, Thailand and China.

He has rich experience in the areas of Corporate Credit Risk Management especially in Wholesale and Retail Banking, Structured Finance, Portfolio setting in notably Retail, Credit Risk Reporting (Infrastructure), Modelling (Basel and Economic Capital) and Research (scenario – analysis).

He was on the Board earlier from 17 Oct 2003 to 22 Sep 2005 and re-appointed with effect from 21-Jan -2010.

Mr. Lars Kramer is a Chartered Accountant (SA) and obtained his Masters of Business Administration (MBA) Finance Stream (INSEAD affiliated) from Graduate School of Business (UCT). He did his Post Graduate Diploma in Accounting from University of Cape Town and Bachelor of Accounting Sciences (Bcompt) from University of South Africa.

Before joining ING Bank N.V., Mr.Kramer worked for about 11 years with companies like Coopers & Lybrand, Swiss Bank Corporation, Hambros Bank and Credit Suisse First Boston.

Mr. Kramer joined ING Bank N V in 1998 as Regional Head of Asian Equity Derivatives Product Control located in Hong Kong and was responsible for the daily production, attribution and analysis of P&L, back-testing against VAR, independent price testing of mark to market positions, reserving, monitoring of front to back position reconciliations, general trader and operations queries and market commentaries.

In 2000, he was promoted as Regional Head of Business Aligned Finance. He has established a Business Continuity Plan for Product Control and was also involved in the planning and pre-migration phases of a major back-office replacement project for the entire Asian region. Later, in March, 2003 he was promoted as Deputy-CFO for the Asia Region.

He was the CFO of the Asia Region from 2003 to 2008. He was on the Board of our Bank from 17-Oct- 2003 to 01-May- 2008. He was CFO for ING Direct N.V. and ING’s Retail Banking International division from May 2008 to April 2012. He has been appointed as CFO for ING’s Commercial Banking division with effect from May 2012.

Mr. Talwar on completing his MBA in 1970 from IIM Ahmedabad, started his career with Bank of America in San Francisco and during his 26 years career at the Bank, he held several senior management positions in over 9 countries in Asia. He was amongst the youngest Senior Vice Presidents’ of the Bank in 1991 when he was named the CEO of the Bank’s extensive Indian operations that were among the largest global businesses of the bank in terms of profitability. Mr. Talwar left Bank of America in 1996 and for the next 2 years he worked with Ernst & Young Consulting in New York. He was assigned as the CEO and Managing Director at Ernst & Young Consulting, India and was also Ernst & Young’s Asia Director for its Global Operate Business (Outsourcing). In 1999, Mr. Talwar founded EXL Service Holdings Inc, a leading global Business Process Outsourcing Company, in the US. He was the CEO of the Company till May 2008 when he was elevated to the position of Executive Chairman of the Board. He is on the Board with effect from 20 Dec 2010

Mr. Mark Edwin Newman is a Chartered Accountant and has obtained Mathematics (Honours) degree from King’s College London.

Mark Newman is Managing Director and Regional Head of Financial Markets, Asia. He started his career at Deloitte Haskins and Sells where he qualified as a Chartered Accountant before joining ING in 1992, in London.

Mark had a number of internal audit and risk management roles in London before moving to Asia in 1996. Since then he held a number of positions within Financial Markets including Head of Structured Products, Asia and Head of Financial Markets Hong Kong, before being appointed as the Regional Head of Financial Markets, Asia in 2005. He is also Executive Management Board Member of ASIFMA (Asia Securities Industry and Financial Markets Association).

Mark has spent over fourteen years in Asia and is currently responsible for all trading and sales activities in the region. He is a director of the Bank with effect from 20 Apr 2011.