CSB Bank Shares Jump 20% On Appointing Ex-Director Of Axis Bank

Shares of CSB Bank on Friday rose by 19.5 percent, its biggest-ever single-day gain since listing, to an intraday high of Rs 179.90 apiece. The stock made a sudden jump in value after the bank informed that it has appointed Pralay Mondal as President (Retail, SME, Operations and IT). Mondal is expected to join the Bank in September 2020.

Pralay Mondal recently tendered his resignation from his current position as Executive Director & Head of Retail Banking in Axis Bank and has around 30 years of banking experience across multiple business and functions including retail assets, retail liabilities, business banking, products and technology.

He has previously served as Senior Group President and Head of Retail and Business Banking at Yes Bank and was instrumental in setting up the entire retail franchise in that bank in a short period of time.

Prior to that, he was a part of HDFC Bank for 12 years.

"The Bank's Board was convinced that with his extensive banking background, leadership experience and track record, Mr. Mondal is the right person to help redefine customer experience and the brand promise at CSB, and to contribute significantly to the overall growth of the organization, especially in the retail and SME segments," CSB Bank said in its stock exchange filing.