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Yes Bank CEO says 'fully committed' to bank, stakeholders


(Reuters) - India's Yes Bank Ltd's Chief Executive Officer Rana Kapoor said he remained committed to interests of the bank and its stakeholders in a tweet on Friday, after uncertainty around its management dragged the stock to its lowest in nearly 30 months.
"In this leadership transition at Yes Bank, I continue to remain fully committed to the interests of the Bank and all its stakeholders. I will be fully guided by the Board of Directors of Yes Bank and the Reserve Bank of India," Kapoor tweeted.
The lender's management crisis caused by the central bank curtailing its top executive's tenure dragged on, with the shares plunging to their lowest since April, 2016 in the session, before closing down 9.6 percent.
The bank said earlier this week that it would seek the Reserve Bank of India's (RBI) approval to extend CEO Rana Kapoor's term beyond January as it needs more time to identify and groom a successor.
The central bank said last week Kapoor could serve as CEO until Jan. 31, despite shareholders seeking to extend his term for three more years.
Kapoor also said he will eventually pass on his promoter shares to his daughters and subsequently to their children.
As of end-June, Kapoor had a direct 4.3 percent stake in Yes Bank, according to Thomson Reuters Eikon data.
"I will eventually bequeath my Yes Bank promoter shares to my 3 daughters and subsequently to their children, with a request in my will stating not to sell a single share...," Kapoor tweeted from his verified Twitter account.
Meanwhile, in response to a query by the National Stock Exchange, the bank on Thursday denied any dealings with Three Sisters Family Office, the investment vehicle run by Kapoor's three daughters.
As of Friday's close, the stock had declined more than 42.5 percent since the RBI directive last Friday, and 46.5 percent this month.
(Reporting by Krishna V Kurup; Additional reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu and Muralikumar Anantharaman)

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First Published: Sep 28 2018 | 4:14 PM IST

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