Vikram Akula to become full-time Director on SKS board

Hyderabad, Nov 12 (UNI) SKS Microfinance today announced that Dr Vikram Akula, Founder of SKS has been appointed as full-time Director on the Board as of December 2008.

The new role will enable Akula to focus on steering the future strategy of the company. The company's New strategic initiatives include enhancing product portfolio to include a wider range of financial services like insurance, education and consumer loans and developing innovative technologies to reduce costs.

''We are now innovating in terms of providing the full range of financial services, such as micro-insurance and even investment products. We are also pioneering new technologies such as mobile banking that will help lower costs. This new role will enable me to have time to focus on these and other strategic areas,'' Dr Akula, who founded SKS Microfinance in 1998, said in a press release here.

The company's day to day management will be led by Mr Suresh Gurumani from Barclays Bank, who has been appointed the CEO of the company. Mr Gurumani is a banking veteran and has had significant stints with leading banks like Standard Chartered and Barclays with special focus on SME banking.

Clarifying news reports about the sale of stake in the company to foreign equity players, Dr Akula said no existing stake in the company has been sold. The new equity investor has been issued a fresh set of shares, he added.

UNI VA VV PAG1802