Mumbai, July 14, 2015: YES BANK, India’s 5th largest private sector Bank, has received approval from the Reserve Bank of India to set up IFSC Banking Units (IBUs) in Gujarat International Finance Tec City (GIFT).
Establishing the IBU will propel YES BANK’s growth plans further by providing it access to International financial markets, as well as provide a comprehensive product suite to its corporate clients requiring Foreign Currency (FCY) funding. It will also allow YES BANK to raise FCY funding through MTNs & other routes as appropriate.
Mr. Rana Kapoor, Managing Director & CEO, YES BANK said, “This is a significant development in the overall augmentation of YES BANK’s business model and will help in further diversification and expansion of cross border asset products as well as widen the scope and depth of our liabilities base. The opening of an IBU will also boost YES BANK’s Cross Border Trade offerings, External Commercial Borrowings, Foreign Currency syndications and offshore M&A, funding business additionally. This is another step forward towards realizing our vision of “Building the Finest Quality Bank of the World in India by 2020. Towards the foregoing, YES BANK has already made preliminary efforts towards identifying premises for commencing operations at GIFT City.”
YES BANK had recently opened its First International Representative office in Abu Dhabi, UAE in April 2015.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
For media queries, please contact: