Yes Bank ousts its country head of financial markets

Bengaluru: Indian private lender Yes Bank on Tuesday relieved Amit Sureka from his duties as the country head of its financial markets division.

The lender, in a statement, did not mention the reason for Sureka's removal.

Sureka, based in the lender's Mumbai branch, had joined Yes Bank in 2005.

Yes Bank, where Indian lenders collectively own a 34 per cent stake and the State Bank of India (SBI) is the largest shareholder with a 24 per cent interest, has been seeking a new promoter.

SBI aims to cut its stake in Yes Bank by March-end to sell its 24 per cent stake, sources had told Reuters earlier this month.

The sale could allow stakeholders like SBI, Life Insurance Corporation of India, HDFC Bank and ICICI Bank to exit, after they had stepped in to save the lender from collapse in 2020.