“These two names have gone to the RBI and Gill, by virtue of being an outsider along with his experience as CEO of a bank, is the frontrunner,” said one of the people cited above.
Yes Bank has been on the hunt for a new CEO since founder Rana Kapoor was denied another three-year term in September last year by the RBI.
The bank has until January 31 to find a replacement, according to a timeline set by the banking regulator.
Executive search firm Korn Ferry was appointed to help the search panel, which included former Insurance Regulatory and Development Authority chairman TS Vijayan and three members of the board’s nomination and remuneration committee — Brahm Dutt, Mukesh Sabharwal and Subhash Kalia.
GILL STARTED WITH DEUTSCHE IN 1991
“The panel had initially shortlisted eight names including a CEO from an insurance company, present and former executives from HDFC Bank and also some Indian expat CEOs from abroad,” said the second person. “Many of them declined any interest in the bank and these two names have finally made the cut.”
Among the people who were approached but said they weren’t interested were Rajesh Sud, vicechairman at Max Life Insurance, ET had reported earlier this month. Another Dubai-based foreign banker of Indian origin also confirmed that he had declined an offer.
“With Gill and Monga in the fray, the bank board thinks they have two strong candidates,” said the first person. “Monga has been with the bank almost since inception and is ready to take over from tomorrow. Gill has been Deutsche India CEO since 2012 and has been granted an all-clear by RBI just in July 2018. His experience and pedigree cannot be ignored.”
Yes Bank did not respond to queries. Gill did not reply to an email, calls and a message sent to his phone. Deutsche Bank declined to comment.
Gill has spent his 32-year banking career at the German lender and taking over as India chief executive in July 2012.
Gill has handled capital markets, treasury, structured finance, foreign exchange, transaction banking, risk management and private banking.