Yes Bank announces Vinay Tonse as new MD & CEO

MUMBAI: Vinay Tonse, former managing director at State Bank of India, will take over as chief executive officer of Yes Bank after incumbent Prashant Kumar completes his term on Apr 6, following a change in the bank’s shareholding after Sumitomo Mitsui Banking Corporation acquired a 20% stake and became its largest shareholder.

Tonse spent over 35 years at State Bank of India with experience across treasury, retail banking, corporate banking, international operations, and asset management. As managing director he led the bank’s retail operations and managed a retail book of around $800 billion comprising deposits and advances. He played a key role in strengthening the bank’s customer franchise and balance sheet.

His appointment comes after Sumitomo Mitsui Banking Corporation picked up a 20% stake in Yes Bank from State Bank of India and other lenders, emerging as the largest shareholder.

Tonse earlier headed the lender’s overseas operations in Osaka, Japan for four years. He also led SBI Mutual Fund between Aug 2020 and Dec 2022, during which assets under management rose from Rs 4.23 lakh crore to Rs 7.32 lakh crore.

Kumar, who was appointed by the reconstituted board after the State Bank of India led rescue of Yes Bank, is also a State Bank of India veteran who retired as deputy managing director of the bank.

“His exposure across Japan and Singapore, combined with his deep understanding of the Indian financial ecosystem, positions him well to lead YES BANK into its next phase of growth. As the largest shareholder, SMBC looks forward to working closely with Vinay and the Board to support YES BANK’s journey towards becoming a top tier private sector bank, anchored in strong governance, sustainable growth and customer centricity,” said Rajeev Kannan, director, Yes Bank and senior executive SMBC.