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New CEO to take over by RBI deadline, says YES Bank

Private sector lender YES BankNSE -6.38 % on Thursday said it is on track to name new MD and CEO within the RBI deadline.

In a release YES Bank said, “The bank’s nomination and remuneration Committee (N&RC) and Board of Directors have finalised the recommendation for non-executive part-time chairman position and shall be promptly seeking requisite approvals from the Reserve Bank of India.”

Shares of the lender were trading 6.53 per cent down at Rs 174.60 after the announcement.

The company further added that the ‘Search & Selection Committee’ (SSE) has discussed and deliberated on the final shortlisted external and internal candidates presented by Korn Ferry post their comprehensive interviews and assessment.

The SSE will now engage with the candidates over the next few days for finalization.

The final recommendation will be submitted to the Reserve Bank of India by the board of directors post their next meeting scheduled on January 9, 2019.

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