The Chairman and CEO of Axis Bank, P J Nayak is likely to retire after six-and-a- half months with his term ending on July 2009.

Nayak had been serving the institution sine 2000 and he entered the Indian financial sector as an executive trustee of Unit Trust of India (UTI), the promoter of Axis Bank. Prior to this entry he was a joint secretary at the department of economic affairs, ministry of finance where he was in charge of the capital markets division. In May 2007, the board of Axis bank had passed a resolution recommending Nayak, then Chairman and MD, for the post of the bank's executive hairman for two years.

With Nayak's retirement, Axis Bank is going to split the post of Chairman and CEO on RBI's directive. Thus the bank is likely to start its search for the top two esteemed posts.

The appointment for these posts is going to be made under the specified undertaking of UTI. Axis Bank was earlier known as UTI Bank.

Recently many other private banks such Federal Bank Ltd, South Indian Bank Ltd, Karnataka Bank Ltd, Karur Vysya Bank Ltd, City Union Bank Ltd and Ratnakar Bank Ltd have also spilt the top post at the insistence of RBI.

However there is no news if Nayak will continue as non-executive chairman of the bank or not.