YES Bank shares in focus after clarification on JC Flowers ARC, Chief Risk Officer news

Shares of YES Bank will be in focus on Tuesday morning after the board of private lender decided to extend the tenure of Chief Risk Officer Sumit Gupta for a period of three months. Gupta was made the Chief Risk Officer of the bank on August 28, 2020, for a period of three years.

"With reference to the exchange disclosure dated August 28, 2020 (enclosed herewith), bank had announced change in Chief Risk Officer, with the appointment of Mr. Sumit Gupta for a period of 3 (three) years. The board of directors of the bank, have now approved, the continuation of Mr. Sumit Gupta as the Chief Risk Officer of the bank for a period of three months effective from September 01, 2023," YES Bank said.

In a separate release, YES Bank said it observed certain news item(s), wrongly mentioning JC Flowers ARC as the bank’s asset reconstruction arm. Clarifying the same, the bank said: "The bank would like to clarify that post the sale of the of identified loan portfolio to JC Flowers ARC in December 2022 (disclosed earlier on December 17, 2022), bank has no further role in settlements/ negotiations being undertaken by JC Flowers ARC."

YES Bank said its association with the JC Flowers ARC is limited only to the extent of its current shareholding of 9.9 per cent.

"In the usual course of business, bank may receive redemptions in the security receipts portfolio pursuant to the settlements / resolutions undertaken by JC Flowers ARC. The Bank shall keep the Exchange(s) duly informed of all such material redemptions / developments as required under Regulation 30 of Listing Regulations," it said.

The stock climbed 7.32 per cent to close at Rs 18.61 on Monday.

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