Mumbai, September 25, 2018:
The Board of Directors of Yes Bank are pleased to announce the following main actions finalized at its Board meeting today at Yes Bank’s Headquarters, Mumbai.
Established a “Search & Selection Committee” (comprising of three existing Nomination & Remuneration Committee Board Members plus two external Experts) to identify a new Managing Director & CEO as a successor to Shri Rana Kapoor in accordance with the Reserve Bank of India’s communication vide letter dated September 17, 2018, received on September 19, 2018.
The Board also decided that given the role of Shri Rana Kapoor as MD&CEO since inception of the Bank in 2004, and the time consuming challenges of finding a suitable successor, that the incumbent MD&CEO be given further time in his current position beyond January 31, 2019. Accordingly it was decided that Reserve Bank of India be requested for an extension upto minimum April 30, 2019, for finalization of audited financial statements for fiscal year ending 2019; thereafter subject to RBI approval, upto September 30, 2019 in order for the statutory AGM process to be completed. This period will also be crucial to identify and enable a new incumbent to get fully conversant with Yes Bank and its working.
It was also decided that in order to ensure a long term succession plan within Yes Bank, and given the demonstrated track record of two senior leaders, that they be appointed as Executive Directors subject to RBI approval, namely:
- Rajat Monga (currently Senior Group President), and
- Pralay Mondal (currently Senior Group President)
The Bank would make appropriate recommendations to RBI regarding the above appointments.
The Bank is fully institutionalized as the Professionals Bank of India, over the past 14+ years, driven by a seasoned leadership of over 100+ top management professionals with over 2 decades of experience and an average vintage of over 8 years with YES Bank.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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