Private lender Yes Bank on August 27 relieved Amit Sureka from his duties as the country head of its financial markets division with immediate effect.
The lender, in a statement, did not mention the reason for Sureka's removal. Sureka, based in the lender's Mumbai branch, had joined Yes Bank in 2005.
"Amit Sureka, Country Head Financial Markets ceases to be the part of Senior Management
of the Bank and has been relieved from the services of the Bank on Tuesday, August 27, 2024," said Yes Bank in a stock exchange filing.
Yes Bank, where lenders collectively own a 34% stake and the State Bank of India (SBI) is the largest shareholder with a 24% interest, has been seeking a new promoter.
SBI aims to cut its stake in Yes Bank by March-end to sell its 24% stake, sources had told Reuters earlier this month.
The sale could allow stakeholders like SBI, Life Insurance Corporation of India, HDFC Bank and ICICI Bank to exit, after they had stepped in to save the lender from collapse in 2020.
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