RBL Bank adds NARCL's Pradip Shah on search committee to select new MD & CEO

RBL Bank on Saturday said that it has added National Asset Reconstruction Company Ltd (NARCL) Chairman Pradip Shah as an external expert on its search committee formed to identify and evaluate candidates for the position of its MD and CEO.

Last month, the bank had said that it had constituted a search committee, comprising of two board members, chairman of its nomination and remuneration committee and an external expert, to identify and evaluate candidates for the position of MD and CEO both from within and outside the bank.

"...the Board at its meeting held today, i.e January 15, 2022 has decided to associate Mr. Pradip Shah, Chairman, National Asset Reconstruction Company Ltd. (NARCL) as an External Expert to work with the Search Committee comprising of Mr. Manjeev Singh Puri, Chairman, Nomination and Remuneration Committee (NRC) and two other Directors, Mr. Ishan Raina and Ms. Veena Mankar," the bank said in an exchange filing.

Besides, it said its board, on the recommendation of the search committee, also approved EgonZehnder as the search firm for identifying suitable candidates for the post of MD and CEO for the bank, in a timely manner.

Also Read: RBL Bank sets up panel to search for MD & CEO 

Shah runs IndAsia, a corporate finance and investment advisory company. "He is a gold-medallist Chartered Accountant, Management Accountant and MBA from Harvard, who helped establish Housing Development Finance Corporation, the first retail housing finance company in India; CRISIL, the first and largest credit rating agency in India; the Indocean Fund, a pioneer private equity fund, in partnership with affiliates of Soros Fund Management and Chase Capital Partners; the AMP-IndAsia India Fund, in joint venture with AMP of Australia; Universal Trustees, for intergenerational transfer of wealth through wills and trusts; and Grow-Trees.com, a social enterprise," the bank said.

Besides being the chairman of NARCL, Shah also serves as Chairman of Kansai Nerolac Paints, Sonata Software, BASF India and director of Bajaj Auto, Pfizer India, Godrej & Boyce and Mane Kancor Ingredients.

He also "serves as Chairman of the Advisory Board of Infomo Global of Singapore and serves as member, Dun & Bradstreet International Advisory Board, sits on the governing boards of some non-profit organizations and chambers of commerce, and is an Advisor to an asset manager investing in listed equities in India and to a venture debt fund investing in technology companies."

On December 25, RBL Bank had informed the exchanges that the Reserve Bank of India (RBI) had appointed its chief general manager Yogesh K Dayal as an additional director on the board of the bank for a period of two years with effect from December 24, 2021 till December 23, 2023 or till further orders, whichever is earlier.

On the same day, the bank also appointed Rajeev Ahuja as its as interim MD and CEO after accepting the request of its the then MD and CEO Vishwavir Ahuja to proceed on leave with immediate effect.

Shares of RBL Bank closed 5.26 per cent higher at Rs 156.20 on the BSE on Friday.

Also Read: RBL Bank's total deposits decline 2.58% QoQ to Rs 73,637 cr as of December 31