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Equitas SFB may identify new CEO sooner than a month, Vasudevan says no RBI nudge to quit

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Equitas SFB may identify new CEO sooner than a month, Vasudevan says no RBI nudge to quit

Equitas SFB may identify new CEO sooner than a month, Vasudevan says no RBI nudge to quit

Equitas Small Finance Bank may appoint a successor to MD & CEO P N Vasudevan within a month, with the bank expecting the process to conclude even earlier. Vasudevan said he resigned over persistent investor concerns around a perceived conflict involving his daughter’s NBFC, while his own holding was around 0.1 per cent and his daughter had earlier held around 1.5 per cent in the bank.

Bank has started formal CEO transition process; NRC to shortlist internal and external candidates

His own shareholding is around 0.1 per cent, though he said he was not certain of the exact figure

His daughter had around 1.5 per cent in Equitas in 2022 before exiting the holding and putting it into an MTSD

Chennai based Equitas Small Finance Bank has initiated a formal process to identify a successor to Managing Director & CEO P N Vasudevan , with the bank expecting to identify the candidate within a month and possibly earlier. P N Vasudevan tendered his resignation as Managing Director and CEO of Equitas Small Finance Bank on Thursday, around three months after his reappointment, citing persistent investor concerns and the impact of those concerns on the bank's stock valuation. The concerns relate to a perceived conflict arising from his daughter's business interests, with her housing finance company having received a Reserve Bank of India licence in 2023. Advt

Vasudevan’s daughter, Varshini Vasudevan Pathangi, is the co-promoter/founder of Unico Housing Finance , an unlisted NBFC.


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