Deutsche Bank's Ravneet Gill is leading the race for CEO post at Yes Bank.
Yes Bank shares rallied 5 percent intraday on January 15 after a media report indicated that Deutsche Bank's Ravneet Gill is leading the race for the CEO post. The rally was in addition to 6.2 percent upside seen in the previous session.
CNBC-TV18 quoting unnamed sources said Ravneet's candidature may get swift approval from the Reserve Bank of India as it had got renewal approval from the central bank six months ago at Deutsche Bank.
Hence, due diligence time may reduce for RBI to decide, sources added.
Ravneet Gill has led Deutsche Bank in India for over 6 years now and he has over 30 years of experience across bank functions.
Rajat Monga, Senior Group President at Yes Bank is the No 2 candidate for CEO post at the country's largest fourth sector lender.
Last week, the board had finalised names of potential candidates for the position of MD & CEO, and submitted its application to the Reserve Bank of India on January 10, seeking approval for the appointment of the new MD & CEO.
The board is expected to announce MD & CEO once the RBI clears the appointment. January 31, 2019 is the last date for Rana Kapoor as MD & CEO of the bank.
The bank has not responded to CNBC-TV18's query.
On last Friday, the Reserve Bank of India approved the appointment of Brahm Dutt as part-time Chairman of the bank's board up till July 4, 2020.
A meeting of the board of directors of the bank will be held on January 24 to consider the unaudited financial results of the bank for the quarter and nine months ended December 2018.At 1137 hours IST, the stock was quoting at Rs 203.40, up Rs 8.00, or 4.09 percent on the BSE.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.