Ending months of speculation, Yes Bank has selected the head of Deutsche Bank India Ravneet Gill as its new MD and chief executive officer (CEO).
The Reserve Bank of India had asked Yes Bank to find a new CEO by February 1 as the current MD and CEO Rana Kapoor did not get an extension.
"The RBI has vide its letter dated January 23, 2019 approved the appointment of Ravneet Gill as the MD & CEO of Yes Bank for a period of 3 years from the date of joining. Gill is expected to join the Bank latest by March 1, 2019," the bank said in a statement. The appointment will be subject to the approval of shareholders at the ensuing annual general meeting of the bank to be held in the month of June 2019.
Gill was the number 1 priority candidate in the submissions made by the bank to RBI on January 10, 2019, the bank said.
The board has scheduled a special meeting on January 29 to finalise on the delegation of powers for transition management in the interim period commencing from February 1, 2019 until Ravneet Gill assumes office.
Rana Kapoor, MD & CEO, Yes Bank, said, "On behalf of the board and 21,000 plus stafferers, I am extremely pleased to welcome Ravneet Gill as the new MD & CEO and also convey our finest appreciation to the RBI for its expeditious approval in less than 3 weeks." "I have had the opportunity to have known and briefly interacted with Ravneet Gill professionally over the years, and have admired his exceptional professionalism and outstanding leadership style. I am certain that his perse, comprehensive experience as a career banker will provide significant confidence and conviction to all stakeholders including employees, customers and investors," Kapoor said.
Gill has more than three decades of experience with the last 25 years in Deutsche Bank AG, the 11th largest bank in the World. He had spearheaded all key banking functions including corporate banking, capital markets and treasury solutions (CMTS), investment banking, retail & private banking at Deutsche Bank. Most recently, Ravneet Gill was re-appointed as the MD & CEO of Deutsche Bank, India for the 3rd term by the RBI. Gill joined Deutsche Bank in 1991 in private wealth management and moved to the corporate banking in 1993 growing from a relationship manager to becoming the CEO in 2012. He has been also a member of Deutsche Bank AG's Asia-Pacific Executive Committee.
Q3 net profit at `1,001.8 cr
Yes Bank has reported a net profit of Rs 1,001.8 crore for the third quarter (Q3) ended December 2018 as against Rs 1.076.87 crore in the same period of last year following accelerated provisions.
Net interest income grew 41.2 per cent to Rs 2,666.4 crore. Net interest margin was (NIM) was stable at 3.3 per cent. Net provisions were at Rs 550.2 crore on account of Rs 570.8 crore of accelerated provisioning on exposure to a stressed Infrastructure conglomerate, the bank said. Senior group president for financial markets Rajat Monga said it has provided 25 percent for its exposure to energy and road-related assets of IL&FS Group, which has been defaulting on its debt since last August, and 15 per cent to the maritime exposure. (With PTI)