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 with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “BUILDING THE FINEST QUALITY LARGE BANK OF THE WORLD IN INDIA”.
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