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Harkirat
Singh out of private sector Rabo Bank venture
Our Banking Bureau
29 April 2003
Mumbai: Harkirat
Singh, one of the three promoters of the proposed private
sector Rabo Bank, has pulled out of the venture, stating
that there is "lack of mutuality of the objective
of the bank."
The Reserve Bank
of India had granted an in-principle approval to the proposed
bank in February 2003. The new bank was to be set up by
three banking professionals in partnership with Rabo Bank
of the Netherlands. Other individual promoters are Rana
Kapoor and Ashok Kapur.
"I wish to
withdraw as a promoter of this new banking company and
I have resigned from the post of non-executive director
of Rabo India Finance effective 31 March 2003. Developments
in the recent past have convinced me that there is no
longer a complete alignment with this vision going forward.
Further, Rabobank now in consultation with the other two
partners (in my absence) decided to appoint Ashok Kapur
as the executive chairman and CEO. This decision is a
further evidence of a lack of mutuality of the objectives
of the bank as envisioned by me," says Singh.
 Says
Rana Kapoor, CEO and managing director, Rabo India Finance,
however, says: "We value Harkirat Singh's contribution
to our project greatly and it is a pity that he withdrew.
His withdrawal was for wholly personal reasons."
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