The Board of Directors of AU Small Finance Bank Ltd. ("AU SFB") and the Board of Directors of Fincare Small Finance Bank Ltd. ("Fincare SFB"), at their respective meetings held earlier yesterday, approved an all-stock merger of AU SFB and Fincare SFB. Mr. Rajeev Yadav, the MD & CEO of Fincare SFB, will be appointed Deputy CEO of AU SFB post-merger. He will report to Mr. Sanjay Agarwal, MD&CEO of AU SFB.

Mr. Yadav will continue to lead the Fincare unit of AU SFB, which will house most of the businesses of Fincare SFB. Additionally, he will jointly lead the IT & Digital unit of AU SFB with the MD & CEO of AU SFB, to ensure smooth IT integration post-merger. In his new role, Mr. Yadav will be an invitee to Board meetings of AU SFB.

Mr. Divya Sehgal, Nominee Director on Fincare SFB's Board will join the Board of AU SFB to ensure smooth integration and continuity post-merger. Mr. Uttam Tibrewal, Executive Director at AU SFB at present, will be elevated to Executive Director & Deputy CEO of AU SFB in the merged entity. Mr. Yadav joined the Fincare Group in May 2012 and has been the MD & CEO of Fincare Small Finance Bank (Fincare SFB) since its inception in July 2017.

He is an alumnus of IIT Kanpur and IIM Ahmedabad with 30 years of professional experience. He began his financial services career with GE Capital spending nearly 13 years wherein he served as the CEO of GE Money from 2008 till 2012. As MD & CEO of Fincare Small Finance Bank, he has shaped the institution's journey of becoming best-in-class small finance bank, with a diversified loan portfolio, pan-India branch network, cutting-edge technology and digital capabilities, people-centric meritocratic organization, standards of governance and compliance as well as well-rounded financial and operating performance.

The Bank has received numerous awards, including Celent Award, IBA Award, FE Best Bank, ET Excellence Award among others.