Mumbai, Jan 24 (IANS): Shares of private lender Yes Bank settled 8 per cent higher on Thursday after the company announced Ravneet Singh Gill as its next Managing Director (MD) and Chief Executive Officer (CEO), succeeding Rana Kapoor.

The bank in a regulatory filing said that the current Deutsche Bank India CEO would be the next MD and CEO of Yes Bank with effect from March 1.

Its share price on the BSE closed at Rs 213.85, higher Rs 16.55 or 8.39 per cent from its previous close of Rs 197.30.

"The bank has received RBI approval for its new MD and CEO Ravneet Singh Gill...to join on or before March 1," the bank said in a statement.

With the announcement of appointment, its share price spiked 19 per cent around 3.25 p.m to touch an intra-day high of Rs 234.90 per share.

In September 2018, the RBI had rejected the bank's request to extend Rana Kapoor's tenure for another three years, saying he could continue until January 31, 2019.

The bank had reported a 7 per cent decline in its net profit in the October-December quarter of 2018-19 at Rs 1,001.85 crore, on a year-on-year basis.