MAM
DE BEERS GROUP CONTRIBUTES FUNDS ACROSS BOTSWANA AND NAMIBIA TO SUPPORT COVID-19 RESPONSE
De Beers Group today announced that it will contribute $2,500,000 across Botswana and Namibia to aid the response to the COVID-19 crisis.
De Beers Group is a 50/50 joint venture partner with both Botswana and Namibia in the recovery and sorting of rough diamonds. Its contribution in both countries forms part of a larger effort across De Beers Group’s four producing countries including Canada and South Africa to support governments and communities in the procurement of medical supplies, logistical support, vulnerability assessment support plans, food security for vulnerable households, water supply to communities, community COVID-19 awareness and education, and local clinical support.
Bruce Cleaver, CEO, De Beers Group said: “With our contribution of $2,500,000, De Beers is supporting the unprecedented efforts of healthcare professionals, community leaders and all those confronting COVID-19 in the countries and communities in which we live and work. We have refocused our business in our host communities to support the response to the pandemic and our priorities are clear: prepare communities for the crisis, support the emergency response and be a partner in economic recovery.
“We have long-standing partnerships with the people of Botswana and Namibia spanning decades. The men and women of De Beers are proud to stand with them now in this moment of crisis and we will stand with them as their partners on the road to recovery and renewal.”
De Beers Group has designed a comprehensive Community Response Plan (CRP) to provide the most effective and relevant support to host communities. The CRP has been developed through engagement with community, traditional and faith leaders, and government agencies to understand their needs and ensure De Beers Group is providing the right support at the right time, both during the pandemic and into the vital economic recovery phase.
De Beers Group will continue to engage regularly with government and community leaders to aid their response to the crisis, and further announcements will be made regarding its contribution to response efforts in Canada and South Africa.
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YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
