The Carlyle Group & Advent International To Nominate New Board Members For Yes Bank

Sunil Kaul & Shweta Jalan will be nominated as Yes Bank board members from the 10% stake investors – The Carlyle Group & Advent International respectively.

Sunil Kaul, the head of the Carlyle Group’s South-East Asia division, is most likely to be proposed to the Yes Bank board of directors.

While Shweta Jalan, the managing partner of Advent, will be proposed. This follows the two private equity participants’ decision to invest over a billion dollars in the bank.

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The central bank must approve the board nominees. Shweta Jalan is the managing partner at Advent International and oversees the private equity firm’s India business. 

Sunil Kaul is the managing director as well as financial services sector lead for Carlyle Asia. Both had served as their companies’ lead on the Yes Bank acquisition.

Before the disclosure of the deal with Carlyle and Advent, the board of Yes Bank changed the Articles of Association to prepare the way for the appointment of these investor nominees to the board. 

However, the clearance of the Reserve Bank of India is crucial in this.

Official Statements of Yes Bank & Advent International

Yes Bank chief executive Prashant Kumar said on Monday,

The investments from Advent and Carlyle might be viewed as ‘confidence capital.’ He also stated that the financial infusion will assist the institution meet its aim for medium- to long-term loan growth.

In a media interview, Advent International had claimed that they would like to actively participate on the bank’s board in order to steer it in the direction of profitability and strong performance.

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Yes Bank Raised Funds of ₹8,900 Crore ($1.1 Billion)

Yes Bank had announced on 29th July about a fundraise of ₹8,900 crore ($1.1 billion) from two global private equity investors –

• The Carlyle Group and
• Advent International.

The Carlyle Group and Advent International will buy 10% stake each in Yes Bank in a mix of equity and warrants.