Yes Bank has appointed banking veteran Sumit Bali as the head of its retail business and collections.

What Happened: Bali, who has previously served as the head of retail lending for Axis Bank, India’s third-largest private lender, will join Yes Bank from August 26, Reuters said citing sources. He will be reporting to Rajan Pental, the executive director of Yes Bank. Bali had resigned from Axis Bank in June.

Bali brings to Yes Bank nearly 30 years of experience in retail banking, having worked at Kotak Mahindra Bank before his tenure at Axis Bank. His role at Yes Bank is anticipated to be crucial as the bank is currently undergoing a transformational phase in its quest for a new promoter.

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As of June 30, Yes Bank’s loan book was approximately ₹2.30 lakh crore, with 60% of it comprising retail and small and medium enterprise loans.

The appointment of Sumit Bali comes at a significant time for Yes Bank as it is reportedly in the midst of a transformational phase.

The head of one of Japan’s largest lenders is reportedly visiting India for talks to purchase a stake in Yes Bank. The CEO of Sumitomo Mitsui Banking Corporation (SMBC), Akihiro Fukutome, is reportedly looking to buy a 51% stake in the bank at a valuation of around $5 billion (₹41,981 crore).

Price Action: Shares of Yes Bank were up 1.13% to ₹24.26 on Friday.

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