Mumbai, December 13, 2016: YES BANK, India’s fifth largest private sector Bank, has been upgraded by MSCI ESG Research* to AAA Rating from AA rating. The MSCI ESG Report has highlighted YES BANK’s key strengths in Financial Product Safety, Corporate Governance, and Financial System Instability, and has also highlighted that there are no significant risks for the Bank from an ESG perspective.
Speaking on the occasion, Mr. Rana Kapoor, Managing Director & CEO, YES BANK, said, “YES BANK excels in terms of risk management as we are the first bank in India to integrate environmental and social risks into overall credit risk assessment framework, enabling us to proactively mitigate emerging risks and create new opportunities in India’s sunrise sectors. Institutional and individual investors are also now increasingly becoming more aware of the potential risks and opportunities related to Environmental, Social and Governance (ESG) factors.”
Ms. Namita Vikas, Group President & Managing Director, Climate Strategy & Responsible Banking, YES BANK, said, “The MSCI ‘AAA’ rating reflects YES BANK’s unmatched commitment to creating shared value by making ESG a cornerstone of its business practices. Environmental sustainability is not only a key part of the Bank’s risk mitigation processes but also an indispensable part of its own responsibility as a corporate citizen.”
The ‘AAA’ rating reaffirms YES BANK’s 360 degree risk framework which includes pertinent ESG parameters and underscores the bank’s ability to proactively mitigate emerging risks and create new opportunities in India’s sunrise sectors.
In addition to undertaking rigorous ESG risk mitigation for its financial investments, YES Bank has lead by example - in FY16, the bank reduced its own Specific GHG emissions by 19.52% on a year-on-year basis and earned ISO 14001:2004 certifications for 184 of its facilities in India.
Taking ahead the financial inclusion agenda, YES BANK has implemented inclusive, social and branchless banking models to reach out to over 18.8 lakh rural households through 1,55,000 Self Help Groups (SHGs). The bank has partnered with 39 Business Correspondents (BC) to provide comprehensive financial services to unbanked populations in rural and semi-urban areas, in 260 districts of India. MSCI’s rating also highlights YES BANK’s leadership in developing human capital. The Bank provides substantial skills training, leadership development and growth opportunity to all its employees. The Bank was recognized as being among “India’s Best Companies to Work For” in 2015.
YES BANK has closely aligned its corporate governance practices with shareholder interests, undertaking in-depth reporting and disclosures on all key aspects of its business. The bank is a benchmark institution for Triple Bottom Line accounting and reporting in India and in FY16, became the first Indian bank to release a Sustainability Report based on the Integrated Reporting guidelines of the International Integrated Reporting Council, while continuing to adhere with GRI G4 guidelines. The Bank has also received ISO 27001 certification for its information security management system and data privacy policies.
* MSCI ESG Ratings are designed to help investors to understand ESG risks and opportunities confronting issuers, and integrate these factors into their portfolio construction and management process. Our global team of 140 experienced research analysts assesses thousands of data points across 37 ESG Key Issues, focusing on the intersection between a company’s core business and the industry issues that can create significant risks and opportunities for the company. Companies are rated on a AAA-CCC scale relative to the standards and performance of their industry peers. For more information: www.msci.com. The language and content have been suitably modified from the MSCI ESG Report for contextual relevance.
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 28 states and 9 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/
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