Shareholder Vote Results

Yes Bank shareholders have overwhelmingly approved all four proposals submitted through a recent postal ballot. The results, declared on April 24, 2026, reflect strong support for the bank's strategic direction.

The proposals included appointing Mr. Vinay Muralidhar Tonse as a Director and as the bank's Managing Director & Chief Executive Officer. Shareholder approval was also granted for the re-appointment of Dr. Rajan Pental as Executive Director.

Crucial approval was also given for material related party transactions involving Sumitomo Mitsui Banking Corporation (SMBC), the bank's largest shareholder. Voting percentages for these key decisions surpassed 98%, with the SMBC transaction achieving 99.97% approval.

Significance of the Approvals

These approvals solidify leadership continuity at Yes Bank, formally confirming Vinay Tonse as MD & CEO. His tenure, which began in April 2026, is now fully endorsed by shareholders.

The approval for material related party transactions with SMBC is significant. This allows for deeper strategic alignment and potential collaboration between the two entities, leveraging SMBC's global scale.

This strong shareholder backing can boost confidence among investors and regulators as the bank continues its transformation.

Background on Leadership and SMBC

Vinay Muralidhar Tonse officially took charge as Yes Bank's MD & CEO on April 6, 2026, after receiving RBI approval for a three-year term. Previously a Managing Director at State Bank of India, Tonse brings over 35 years of banking experience.

Dr. Rajan Pental's re-appointment as Executive Director for a six-month term (February 2 to July 31, 2026) was also approved, ensuring continuity in senior leadership. He has been with Yes Bank since 2015 and possesses three decades of financial services experience.

Sumitomo Mitsui Banking Corporation (SMBC) has become Yes Bank's largest shareholder, acquiring a 20% stake through a secondary purchase. This strategic investment underscores SMBC's commitment to Yes Bank's growth trajectory.

Key Outcomes of the Vote

• Confirmed Leadership: Vinay Tonse's roles as Director and MD & CEO are now fully ratified, providing clear leadership.
• Executive Continuity: Dr. Rajan Pental's tenure as Executive Director is officially extended, maintaining experienced leadership.
• SMBC Synergy: The approval allows Yes Bank to proceed with material related party transactions with its major shareholder, SMBC, fostering strategic collaboration.

Risks and Governance Watchpoints

Yes Bank has a history of governance challenges and faced a near-collapse in 2020, requiring a significant rescue scheme.

The bank also faces ongoing litigation, including the significant AT-1 bond write-down case being heard by the Supreme Court.

Past regulatory actions, such as SEBI's fine in the AT-1 bond misselling case, highlight the importance of robust compliance.

Comparison to Peers

Leading private sector banks like HDFC Bank, ICICI Bank, and Axis Bank are known for stable leadership and strong governance.

For Yes Bank, maintaining strong governance is key to distinguishing itself from its more established peers.

Voting Period and Shareholder Data

• E-voting Period: March 26, 2026 to April 24, 2026 (Standalone)
• Total Shareholders on Record Date (March 20, 2026): 6,318,266 (Standalone)

Looking Ahead: What to Monitor

• Implementation Progress: Monitor the formal commencement and execution of approved related party transactions between Yes Bank and SMBC.
• Leadership Integration: Observe how Vinay Tonse and Dr. Rajan Pental integrate into their confirmed roles and drive the bank's strategy.
• Governance Evolution: Continue to track Yes Bank's efforts in strengthening its corporate governance framework and addressing past issues.
• Legal Outcomes: Stay updated on the verdict of the Supreme Court's AT-1 bond write-down case, which could have financial implications.