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1-min read

Yes Bank Stocks Up After Announcement of Succession Plan as RBI Cuts Rana Kapoor’s Term

Shares of Yes Bank were trading over 3 percent on the BSE following the announcement.

PTI

Updated:October 1, 2018, 1:54 PM IST
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Yes Bank Stocks Up After Announcement of Succession Plan as RBI Cuts Rana Kapoor’s Term
File photo. (Reuters)
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New Delhi: Private sector lender Yes Bank on Monday said the bank is fully geared up for the succession plan for the post of its MD and CEO and it will finalise two external experts for search committee by October 7.

Shares of Yes Bank were trading over 3 percent on the BSE following the announcement.

The RBI had last month curtailed the three-year term that Yes Bank's board had sought for its MD and CEO Rana Kapoor, also one of the promoters of the bank, to January 31, 2019, and asked the bank to find a replacement.

"The Bank is fully geared for the MD & CEO's succession. Pursuant to the Board of Directors meeting dated September 25, 2018, the two external experts of the Search & Selection Committee will be finalised by October 7, 2018," Yes Bank said in a statement.

The bank said the Search & Selection Committee assisted by a global leadership advisory firm, which will evaluate both internal and external candidates and make suitable recommendations to the Board of Directors for onward submission to the RBI.

"The Search & Selection Committee and the Board of Directors are fully committed to expeditiously completing the said process within the current stipulated timelines of the RBI," it added.

Yes Bank also said it has submitted its application to the RBI for their approval on appointment of two senior leaders of the bank as Executive Directors.
| Edited by: Nitya Thirumalai
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