Having spent more than three decades in the banking sector, Deutsche Bank India CEO Ravneet Singh Gill is now set to be the next MD and CEO of Yes Bank from March 1.
The development comes as a major relief for the investors of Yes Bank after the Reserve Bank of India (RBI) had rejected the bank's request to extend Rana Kapoor's tenure for three years and said he could continue until January 31.
The RBI approved Gill's name for the post, the bank said in a regulatory filing after the board's meeting on Thursday. Gill will replace Kapoor, whose term ends on January 31.
The bank's board will convene on January 29 to finalise the interim transition, the fourth largest private bank said in a statement.
Gill, who has been mentored by industry leaders like former Deutsche Bank CEO Anshu Jain and HDFC Chairman Deepak Parekh, has worked with the Indian operations of the German lender since 1991.
"He is a well-known banker with an illustrious career spent spearheading all key banking functions including corporate banking, capital markets and treasury solutions (CMTS), investment banking, retail and private banking at Deutsche Bank AG," Yes Bank said.
The banker, who spent his childhood playing tennis ball cricket with former RBI Governor Raghuram Rajan, is an alumnus of Delhi's Modern School and holds a Masters in Political Science from Hindu College, University of Delhi.
He began his journey at Deutsche Bank in private wealth management before moving on to corporate banking in 1993 where he grew from a relationship manager to becoming the CEO in 2012. He was also a member of Deutsche Bank AG's Asia-Pacific Executive Committee.
In 2003, he took over as head of corporate banking coverage and held the position till December 2008, when he was appointed head of coverage for global markets.
In 2011, he took charge as Head of Capital Markets and Treasury Solutions, India and oversaw the successful integration of corporate treasury sales, debt capital markets and corporate banking coverage.
"He has ensured one of the lowest NPAs in the industry, and delivered one of the highest post tax returns on equity amongst all banks in India with a team of over 14,000 employees," the bank said.
Under Gill's leadership, Deutsche Bank has been a recipient of many international and domestic awards and recognitions.
The share price of Yes Bank on the BSE closed at Rs 213.85 on Thursday, higher by Rs 16.55 or 8.39 per cent from the previous close.