HDFC Bank executive to pick up stake in Yes Bank

H Srikrishnan, who is currently the country head (transaction banking and operations) at HDFC Bank, is picking up a minority stake in Yes Bank, promoted by Rana Kapoor, Ashok Kapur and Rabo Bank. Srikrishnan will take also over as the whole time director of the bank.

Srikrishnan is, however, yet to put in his papers at HDFC Bank. His appointment at Yes Bank will be subject to the Reserve Bank of India's approval.

Srikrishnan was a part of the core team of HDFC Bank. He was earlier with Bank of America for around 12 years and Emirates Bank for two years. At Yes Bank, he will be in charge of commercial banking, which includes transaction banking, retail lending to SMEs and also infrastructure including IT operations.

Rana Kapoor and Ashok Kapoor hold 26 per cent stake each in Yes Bank, while Rabobank International will have 20 per cent, 3 per cent will be offered to new directors of the new bank. Srikrishnan is believed to have taken a part of this 3 per cent stake. However the exact stake and the pricing is not clear. Srikrishnan was not available for comments.

Private equity players "" CVC Capital Partners, ChrysCapital and the Russell Asian Infrastructure Fund "" will hold the remaining 25 per cent stake.

Russell Asian Infrastructure Fund and ChrysCapital have taken a 7.5 per cent stake each in Yes Bank, while CVC Capital Partners has taken a 10 per cent stake in the bank.