Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
Yes Bank has received regulatory approval for Vinay Muralidhar Tonse to take over as managing director and CEO for a three-year term. Tonse, formerly in charge of retail operations at State Bank of India, will succeed Prashant Kumar, whose extended tenure ends on April 6. Kumar was appointed in 2020 after the bank's rescue amid severe asset quality stress linked to shadow lenders and real estate exposure. The leadership change follows Sumitomo Mitsui Banking Corporation's acquisition of a 24 percent stake last year, strengthening Yes Bank's ownership base.
Yes Bank has received approval from the Reserve Bank of India for the appointment of Vinay Muralidhar Tonse as its managing director and chief executive officer for a term of three years. The decision was disclosed by the private sector lender during the past week. Tonse will take charge after the completion of the extended tenure of current MD and CEO Prashant Kumar, which is scheduled to end on April 6. Advertisement
Tonse joins Yes Bank after a long stint at State Bank of India, where he headed retail operations until the end of November. His appointment comes at a time when the bank continues to focus on stabilising operations and strengthening its core lending and deposit franchise following years of stress.
Prashant Kumar was appointed to lead Yes Bank in March 2020 after the lender was rescued by a consortium of banks under a regulatory-led reconstruction scheme. The intervention followed a sharp deterioration in asset quality caused by high exposure to stressed non-banking finance companies and real estate-linked borrowers, which led to a surge in bad loans and erosion of investor confidence.
The bank's ownership structure also saw a significant change last year when Japan's Sumitomo Mitsui Banking Corporation acquired a 24 percent stake in the Mumbai-based lender. The investment marked one of the largest overseas bets by a Japanese financial institution in India and reflected SMBC's strategy to expand in faster-growing markets amid prolonged low interest rates in Japan.
With a new chief executive approved and a large strategic shareholder on board, Yes Bank is entering another phase of its post-restructuring journey, with attention on governance continuity, balance sheet quality and sustainable growth.
Source Reuters
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
