(Photo: Reuters)
(Photo: Reuters)

Yes Bank appoints Anita Pai as COO, Jasneet Bachal as CMO

  • Pai will lead the bank's operations and service delivery at a time when the lender is looking to raise capital
  • Recently, Yes Bank's Senior Group President Rajat Monga had quit from his position

New Delhi: Yes Bank Ltd appointed Anita Pai as chief operating officer and Jasneet Bachal as chief marketing officer, the bank said in an exchange filing on Thursday.

Pai, who was senior general manager and head of ATM business at ICICI Bank Ltd, will lead the bank’s operations and service delivery. She will also look after the information technology functions of the lender. Bachal will head the marketing and communication efforts, the bank said.

Despite the announcement, shares of the private lender traded lower today ending down more than 5%. Concerns surrounding the bank’s exposure to stressed sectors, especially housing finance companies (HFC) and real estate firms, continued to add to the negative sentiment.

The bank’s stock has been losing value every day due to concerns around declining asset quality, violation of corporate governance norms and tight liquidity situation. In a conference call last week, Managing Director Ravneet Gill had told investors and other stakeholders that the bank had “enough liquidity. The bank’s management said there was no stress building up on the loan book and it was quite confident of the recoveries from non-performing assets (NPA).

Resignation of Senior Group President Rajat Monga, who has been associated with the bank since its inception in 2004, did not go well with investors. Monga, who was in the race to become the bank’s chief executive officer to succeed founder Rana Kapoor, divested his entire stake for 8.22 crore during September 18-20.

According to a Mint report, Yes Bank is in talks with Microsoft Corporation to raise funds. The bank, however, declined commenting on the report and said it was not aware of the news source. The bank said it continues to explore various options for raising capital.

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