Indian private lender Yes Bank has assigned veteran Banker Sumit Bali to lead its retail business and collections, according to three sources with direct knowledge of the matter on Friday.

Bali will begin at Yes Bank on August 26 and will report to Executive Director Rajan Pental, one of the sources indicated. 

The banker, who previously led retail lending at India's third-largest private lender, Axis Bank, resigned in June.

Friday marks his final day at Axis Bank.

The sources, who requested anonymity due to media restrictions, provided this information.

With nearly three decades of experience in retail banking, Bali formerly worked at Kotak Mahindra Bank before taking on several roles at Axis Bank. 

At Yes bank, his position will be central “as the bank enters a transformative phase in its search for a new promoter,” according to the second source. 

As of June 30, Yes Bank’s loan Portfolio was around Rs 2.30 trillion ($27.39 billion), with 60 percent containing retail and small-to-medium enterprise loans.

Japanese Lender Sumitomo Mitsui Banking Corp and Dubai-based Emirates are in advanced negotiations to attain a majority post in Yes Bank.