Indian private lender Yes Bank said on Tuesday that the Reserve Bank of India has approved the appointment of Vinay Muralidhar Tonse as the company’s managing director and CEO for a three-year term.
Tonse, who headed retail operations at State Bank of India SBI until November 30, will succeed Prashant Kumar, whose extended term is expected to end on April 6.
Last year, Japan’s Sumitomo Mitsui Banking Corporation acquired a 24% stake in the Mumbai-based lender, marking one of the largest overseas investments by a Japanese financial institution as it seeks growth after years of low interest rates at home.
In March 2020, Kumar was appointed MD and CEO after Yes Bank was rescued by lenders amid a pile-up of bad loans stemming from its exposure to troubled shadow lenders and real estate companies.
Reuters
