Former State Bank of India managing director Vinay Tonse has taken charge as CEO of Yes Bank, marking the start of a new strategic phase in the private lender’s journey.

Tonse replaces Prashant Kumar who completed his extended term on 5 April. 

Tonse will face the challenge of ramping up the profitability of Yes Bank while his predecessor had to turn it around after it was rescued by a clutch of banks led by SBI. 

Tonse has said his role would be to accelerate the bank’s profitability, strengthen the balance sheet and deepen engagement with employees, customers and stakeholders. His four-pillar strategy will be ‘People, Products, Processes, and Technology’ as he starts work on the bank’s next phase of transformation. 

Last year, Japan's Sumitomo Mitsui Banking Corporation (SMBC) acquired about 24% to become Yes Bank’s biggest shareholder.