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Rajat Monga, foreign bank CEO in race to succeed Rana Kapoor at Yes Bank

Kunal Joshi

Yes Bank executive Rajat Monga and a CEO of a foreign bank have been shortlisted to succeed long-serving Managing Director and Chief Executive Officer Rana Kapoor at the bank, sources said Friday. Monga is the senior group president of financial markets at Yes Bank currently. “There are only two names that have been selected by the bank as final candidates for the recommendation of the Reserve Bank to replace incumbent Rana Kapoor who has to step aside on January 31,” sources said.

Earlier this week, the bank informed stock exchanges that it has shortlisted the names of potential candidates to succeed Kapoor, who is to demit office by month-end. The bank, however, did not disclose the names of the shortlisted candidates for the top post. The Reserve Bank of India has asked the private sector lender to find replacement of Kapoor, who will continue as the MD and CEO till January 31.

“Pursuant to the recommendations of the Search & Selection Committee and the Nomination and Remuneration Committee, the Board of Directors of the bank at its meeting on Wednesday has finalised names of potential candidates for the position of MD and CEO,” Yes Bank had said.

Monga has been with Yes Bank since its inception in 2004 and currently serves as senior group president of financial markets at the bank and has also held the post of the chief financial officer in the past.