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Move to help SMBC steer strategy
Business Standard
|June 20, 2025
Incoming shareholder will get time to decide lender's leadership after completing transition
The six-month extension given to Yes Bank chief Prashant Kumar aims to give incoming shareholder, Sumitomo Mitsui Banking Corporation (SMBC), room to decide the lender's leadership and strategy once the ownership changes, said industry insiders.
The private-sector lender last week told exchanges the Reserve Bank of India (RBI) had approved Kumar's extension as managing director (MD) and chief executive officer (CEO) till October 6. However, Yes Bank did not say how long an extension it had sought for Kumar.
Kumar has led the bank since its reconstruction in March 2020. He was first appointed the bank's administrator and later made the MD & CEO. Before that, he was deputy MD and chief financial officer of State Bank of India (SBI). Kumar received his first extension as Yes Bank MD & CEO in October 2022 for a three-year period.
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