YES Bank has appointed Anurag Adlakha as Chief Financial Officer and designated him the Group CFO.
In a statement, the lender said, “The appointment of Anurag is in compliance with the Reserve Bank of India circular.”
Adlakha will take over from Raj Ahuja, Senior Group President, who will now be re-designated as Group Chief Strategy Officer and will be responsible for leading the strategy, planning and projects function of the bank.
He will continue to report to Managing Director and CEO Ravneet Gill, it said.
The re-designations have been made with a view to strengthen its overall financial management and strategy functions. The leadership change comes in the same week as the bank’s qualified institutional placement (QIP) offering that closed on Wednesday was oversubscribed, with the lender raising about $270 Mn in the fundraising. It is planning to raise an additional $600 Mn from large investors to boost its capital buffers.
Raising more capital is critical for the lander in order to achieve a regulatory balance between capital adequacy rules and business growth. 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. Clearly, the new CFO has his work cut out for the year.