Rana Kapoor

Rana Kapoor
Kapoor in 2012
Born (1957-09-09) 9 September 1957[1]
New Delhi, India
Residence Mumbai, India
Nationality Indian
Alma mater University of Delhi
Rutgers University
Net worth US$1.0 billion (January 2017)[2]
Title Co-founder, MD and CEO, Yes Bank
Spouse(s) Bindu Kapoor
Children 3 daughters

Rana Kapoor (born 9 September 1957) is an Indian billionaire, and the founder, managing director and CEO of Yes Bank, an Indian private sector bank, with its registered office in Mumbai.

Early life and education

Kapoor was born and was brought up in New Delhi. He completed his schooling from Frank Anthony Public School in 1973 and went on to earn a bachelor's degree in economics from Shri Ram College of Commerce (1977). He then obtained an MBA degree from Rutgers University in New Jersey, US (1980).[3] Kapoor received an honorary fellowship from All India Management Association (AIMA), the President’s Medal from Rutgers University, an honorary doctorate from G B Pant University of Agriculture & Technology.

Banking career

In 1980, Kapoor joined Bank of America (BoA) as a management trainee. In 1990 he was presented the Eagle Pin by the chairman. He eventually went on to head the wholesale banking business which included several assignments in Asian countries. Kapoor worked at BoA for about 16 years, till 1996, managing corporate, government and financial institution clients. He was awarded the chief executive officer's award by the chairman for his performance. In 1996, Kapoor joined ANZ Grindlays Investment Bank (ANZIB) as general manager & country head.[4] He worked there for two years, until 1998.

In February 1995, a team from Rabobank arrived in India, scouting for opportunities.[4] Kapoor, his brother-in-law Ashok Kapur and Harkirat Singh made a proposal to the visiting team for two joint ventures: a non-banking financial company and a bank. During the next year, Kapoor held meetings with the Rabobank executives in India, Singapore and the Netherlands. The NBFC was set up 1997, with the three Indian partners chipping in with an equity capital of ₹ 9 crore each. In 2003, the three sold their stake for $10 million each, generating the seed fund for the bank.[4] In 2003, the team was granted a banking licence by the Reserve Bank of India (RBI) to set up Yes Bank. They established Yes Bank with the vision of "Building the Best Quality Bank of the world in India" by 2015. Rana Kapoor held 26% stake in Yes Bank, Ashok Kapur held 11%, and Rabobank International held 20% stake.[5] Ashok Kapur died in 2008.[6]

In 2005, Kapoor was named Ernst & Young's Start-up Entrepreneur of the Year.[7] As of June 2018, Kapoor is the managing director and CEO of Yes Bank.[4]

In January 2017, Bloomberg noted that with the rising share price of Yes Bank, Kapoor had become a billionaire.[2]

On September 21, 2018, Yes Bank announced that they had ordered Kapoor to step down from his CEO position in January 2019.[8]

Personal life

Kapoor resides in Mumbai, and is married to Bindu Kapoor. They have three daughters, Radha, Rakhee, Roshini[9]

References

  1. ↑ Geoff Hiscock (2007). India's global wealth club (illustrated ed.). John Wiley and Sons. p. 255. ISBN 978-0-470-82238-8.
  2. 1 2 Sterling Wong. "India Just Got a New Billionaire Thanks to Soaring Bank Shares". Bloomberg. Retrieved 2017-01-28.
  3. ↑ "Profile: Rana Kapoor". Banking Technology Conference & Expo. Indian Banks' Association. Archived from the original on 19 April 2010. Retrieved 20 June 2010.
  4. 1 2 3 4 "Lunch with BS: Rana Kapoor". Business Standard. 8 March 2005. Retrieved 2010-06-20.
  5. ↑ "Rana Kapoor to exit Rabo, take up Yes Bank reins". Rediff.com. 2003-11-06. Retrieved 2010-06-20.
  6. ↑ "Late Ashok Kapur". Times Of India. 28 Nov 2008. Retrieved 13 August 2012.
  7. ↑ "'The harder you work, the luckier you get'". Rediff.com. 2010-03-15. Retrieved 2010-06-20.
  8. ↑ Iyengar, Rishi. "The CEO of one of India's biggest banks is being forced out". CNNMoney. Retrieved 2018-09-21.
  9. ↑ "Radha, Rakhee & roshan Roshini". Weddingsutra.com. Retrieved 4 April 2012.
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