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News of new chairman lifts YES Bank by 5%

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NEW DELHI: Shares of YES Bank surged nearly 5 per cent on Monday as the bank appointed Brahm Dutt as its non-executive chairman.

Dutt has been on the board of the bank since July 2013 as an independent director, and has contributed to almost all the sub-committees of the board over the past 5 years and a half, YES Bank said in a regulatory filing.

PTI on Saturday, quoting sources, reported that YES Bank top executive Rajat Monga and CEO of a foreign bank have been shortlisted to succeed long-serving Managing Director and Chief Executive Officer Rana Kapoor at the bank.

Separately, the lender on Friday said it had inked a pact with Kia Motors for finance and banking solutions. Through the partnership, the bank will be able to provide end-to-end financial solutions to Kia Motors India.

Shares of YES Bank traded 4.40 per cent up at Rs 192.05 on the BSE around 11:15 am on Monday.

Source: Economic Times