Yes Bank appoints former ICICI GM Anita Pai as new COO
Yes Bank announced the appointment of former ICICI Bank chief general manager Anita Pai, as the chief operating officer (COO) and former head of marketing at Kotak Life, Jasneet Bachal, as the chief marketing officer (CMO) as it aims to further strengthen the top management at the bank.
Both Pai and Bachal will directly report directly to chief executive Ravneet Gill. Anita Pai, who was also responsible Head of ATM Business, Branch banking Service and Phone Banking at ICICI Bank, also had previous stints at HDFC Limited. She has been tasked to strengthen the technology and distribution services at the bank. She has over 29 years of rich experience in the Banking and Financial Services sector across retail and corporate operations, ATM and branch banking service, customer service and service quality.
“(Anita Pai) will also focus on augmenting systems, controls, and processes... and would be responsible for operations across the Bank,” Yes Bank said in a statement.
Meanwhile, Jasneet Bachal will be responsible for the overall marketing function and will drive the brand, retail, corporate marketing and corporate communications strategy. Bachal is a seasoned marketing professional with over 20 years of rich experience in strategic marketing and developing solutions for different market segments across banking and media industries.
The development comes almost a week after senior group president and CFO Rajat Monga, who had been with the bank since inception, submitted his resignation. The appointments come at a time when the bank has been plagued by doubts that it may struggle to raise adequate capital due to exposures to defaulting firms.
YES Bank is battling a spike in doubtful loans, falling share price and a declining profit. The bank’s net profit in the April-June quarter fell to Rs 114 Cr from Rs 1,109 Cr in the same period a year ago. Over the past few months, it has seen a sharp erosion in its market value on account of the above factors as well as due to a series of sale of shares pledged by the bank’s co-founder, Rana Kapoor and his family-owned firms. While it has been able to hire top heads from other banks, things still look not so rosy for the private lender.
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