Shares of Jaipur-based private sector lender AU Small Finance Bank rose a staggering 7 percent to an intra-day high of Rs 1,207.85 on the BSE after the bank issued a statement on its recent exit from its bank. management team. AU Small Finance Bank said in a grant application that there are no resignations from its top-50 senior management team or board of directors, except for Alok Gupta, the former Chief Risk Officer (CRO), who resigned due to personal reasons.
“We would categorically confirm that there have been no other layoffs in the top-50 senior management team or board of directors. The senior management team (top-50) has an average vintage of 6.5 years at AU and remains very excited about our journey to create a leading banking franchise,” said AU Small Finance Bank in an exchange request.
The board of directors had approved the appointment of Deepak Jain as the bank’s CRO for a period of three years on August 28, 2021, the Jaipur-based lender said.
AU Small Finance Bank added that asset quality is stable.
“Asset quality remains stable and the collections of the past two months have given us more confidence,” the bank said.
As of 1:24pm, shares of the AU Small Finance Bank traded 2 percent higher at Rs 1,154, outperforming the Sensex, which fell 0.2 percent.