Yes Bank appoints Sumit Bali as Retail Head

16 Aug 2024 , 02:22 PM

Yes Bank, an Indian private lender, has recruited senior banker Sumit Bali to lead its retail and collections divisions, according to news reports.

Bali will join Yes Bank on August 26 and report to executive director Rajan Pental, according to a report by ET.

The banker, who oversaw retail lending at India’s third largest private lender, Axis Bank, resigned in June. Friday marks his last day at Axis Bank.

Bali has nearly three decades of retail banking expertise, having previously worked at Kotak Mahindra Bank before joining Axis Bank, where he held several roles.

According to the second source, who talked to ET, his position at Yes Bank will be critical “as the bank is now entering its transformational phase in its hunt to find a new promoter”.

As of June 30, Yes Bank’s loan book totalled roughly 2.30 trillion rupees ($27.39 billion), with retail and small and medium enterprise loans accounting for 60%.

According to Reuters, Japanese lender Sumitomo Mitsui Banking Corp. and Dubai-based Emirates are in advanced talks to purchase a majority stake in Yes Bank.

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