Commercial banking major YES Bank on Wednesday announced that Ravi Thota, the Country Head for Large Corporates, has submitted his resignation. Effective immediately, on September 27, Manish Jain has assumed the role of Country Head- Wholesale Banking at the bank. Thota's resignation stems from personal and other professional obligations. The latest development in management comes four days after Pankaj Sharma was appointed as Chief Strategy and Transformation Officer of the YES Bank on September 21.

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"The Bank has relieved Thota from his duties effective from close of business hours on September 26, 2023,’ said the bank in an official statement

Following the announcement shares of YES Bank surged nearly 2 percent in morning trade. At 12:20 pm YES Bank shares were trading at Rs 17.58, up 1.2 percent from the previous close on the BSE.

Jain will be responsible to spearhead the Wholesale Banking business at YES Bank including Large Corporates (includes Investment Banking, Project Finance Business & Loan Syndication. His role further includes handling Emerging Local Corporates, Transaction Banking Group and Institutional and Government Banking (Government Banking, Multinational Corporate Banking, IFSC Banking Unit, Indian Financial Institutions Banking and Corporate and Government Advisory) and Business Economics Banking.

Who is Manish Jain?

Manish Jain is a senior banking professional and he previously worked at Standard Chartered Bank for 23 years. He has operated in diverse geographical locations throughout India serving clients segments like Large Local Corporates, Strategic Groups, Middle Market Companies, Supply Chain Finance, Transaction Banking sales, Multinational Corporates, Financial Institutions and SMEs. Prior to Standard Chartered Bank, he has also worked with Ernst & Young Consulting India, GE India and Maruti Suzuki.

Besides professional work, Jain holds a Master of Business Administration from IIM Bangalore and is a B. Tech in Mechanical Engineering from IIT Delhi.

First Published:Sept 27, 2023 12:36 PM IST