Ravneet Singh Gill will take over as the new Chief Executive Officer (CEO) of Yes Bank, replacing founder Rana Kapoor.
The country’s fourth-largest private-sector lender, Yes Bank, announced on Thursday that it had received approval from the Reserve Bank of India for the appointment.
Gill is currently the India head of Germany-headquartered Deutsche Bank. He will take over by March 1 from Kapoor, who will step down later this month after the country’s central bank denied him another full three-year term. Kapoor has led Yes Bank since setting it up in 2004.
Gill has been with Deutsche Bank for nearly 28 years and took charge as its India chief executive in August 2012. During his career, he has handled capital markets, treasury, structured finance, foreign exchange, transaction banking, risk management and private banking.
Shares of Yes Bank surged as much as 19.1% on the BSE after the announcement in their sharpest intra-day jump since September 2013. They ended more than 8% higher at Rs 213.85 apiece.