Yes Bank expels its country head of financial markets, reason unknown

Yes Bank, one of the leading private sector lenders in India has ousted its country head of financial markets, according to a statement. 

The bank said that it has expelled Amit Sureka from his duties as of August 27, but did not reveal the exact reason behind the move. 

Amit Sureka relieved

Sureka was based at Yes Bank's Mumbai branch, and he has been working with the lender since 2005. 

"Amit Sureka, Country Head Financial Markets ceases to be the part of Senior Management of the Bank and has been relieved from the services of the Bank on Tuesday, August 27, 2024," said the lender in a bourse filing. 

Yes Bank, where lenders collectively own a 34% stake and the State Bank of India (SBI) is the largest shareholder with a 24% interest, has been seeking a new promoter.

SBI aims to cut its stake in Yes Bank by March-end to sell its 24% stake, sources had told Reuters earlier this month, Reuters reported. 

Yes Bank inks pact with Newtap Finance

Meanwhile, the private lender, on Monday, said that it has entered into a co-lending partnership with Newtap Finance Private Limited, aimed at providing financial solutrions for creditworthy individuals via payment platform CRED. 

"With this collaboration, we are poised to deliver unparalleled value to our customers, particularly in the affluent and emerging affluent segments. This partnership is not just a testament the Bank's digital prowess, but also a step forward in enhancing our personal loan portfolio with a robust and efficient low Opex model," said Rajan Pental, Executive Director at Yes Bank.

"This collaboration is a recognition of members' creditworthiness by institutions of Yes Bank's stature, and we look forward to more such partnerships with them," said Kunal Shah, Founder of  CRED.