Yes Bank Shares Rally 2% After Appointing New Head For Wholesale Banking Business

Yes Bank on Wednesday announced that Manish Jain has been appointed as Country Head- Wholesale Banking with immediate effect. Jain was appointed after Yes Bank's Ravi Thota, Country Head-Large Corporates tendered his resignation on account of personal and other professional commitments. Yes Bank shares rallied over 2% on BSE.

In his role at Yes Bank, Jain will be responsible for spearheading the Wholesale Banking business at the bank encompassing Large Corporations (including Investment Banking, Project Finance Business and loan Syndication), Emerging Local corporations, Transaction Banking Groups and Institutional and government Banking (Government Banking, Multinational Corporate Banking, IFSC Banking Unit, Indian Financial Institutions Banking and Corporate & Government Advisory) and Business Economics Banking.

Jain is a senior banking professional with three decades of work experience which includes 23 years with Standard Chartered Bank. As per his LinkedIn profile, he was the Managing Director and co-head, of Corporate Commercial & Institutional Banking India at Standard Chartered.

He has worked in diverse geographical locations throughout India serving all client segments like Large Local corporations, Strategic Groups, Middle Market Companies, Supply Chain Finance, Transaction Banking sales, Multinational corporations, Financial Institutions and SMEs. Before Standard Chartered Bank, he also worked with Ernst & Young Consulting India, GE India & Maruti Suzuki.

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

Yes Bank shares gained by 2.01% with an intraday high of Rs 17.71 apiece on BSE in early trade. The stock traded at Rs 17.58 apiece, up by 1.3% at the time of writing. Yes Bank's market value is nearly Rs 50,500 crore.