New board of Yes Bank to have CEO, MD; employees to receive same remuneration for a year: SBI

NEW DELHI: Country’s largest lender State Bank of India (SBI) — which can pick up 49 per cent stake in crisis-hit Yes Bank under the Reserve Bank of India’s (RBI’s) draft scheme of reconstruction — on Saturday said that all employees of the reconstructed bank shall continue to be in service with same remuneartion for a period of at least one year.
In a notification, SBI said it will be issued 245-crore shares at a price of Rs 10 each for Rs 2,450 crore in Yes Bank. These shares will translate into a 49 per cent stake into the reconstructed bank.
SBI shall not reduce its holding below 26 per cent before the completion of three years from the date of infusion of capital, the statement added.
It further said that the new board of Yes Bank will have CEO and managing director, non-executive chairman and non-executive directors. SBI shall also have nominee directors appointed on the board of the reconstructed bank.
According to the statement, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature shall be effective to the extent and in the same manner, as was applicable before the scheme. All the deposits with and liabilities of the Reconstructed bank will continue in the
same manner.
Earlier in the day, chairman Rajnish Kumar announced that SBI’s board has already given ‘in-principle’ approval to explore investment opportunity in Yes Bank.
Kumar said SBI has received the draft scheme of reconstruction and its investment and legal teams are doing their due diligence of the scheme.

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