- YES BANK has been the largest contributor to GIFT City’s Business which has crossed the mark of USD 1 Billion
Mumbai, November 02, 2016: YES BANK, India’s 5th largest private sector Bank has announced that it has generated $650 Mn worth of business outstanding (Customer Assets) at its IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT). This announcement was made as GIFT City achieved the significant USD 1 Billion mark in terms of business volumes outstanding.
YES BANK was the 1st Bank to start operations in GIFT City in October, 2015 and has seen significant business momentum as a specialised knowledge sectors focussed IBU of YES BANK. With the Govt. of India announcing various incentives, to propel the growth of IFSC, this will provide further impetus to the Bank’s operations in GIFT City.
In the past 12 months, YES BANK has executed multiple transactions across key sectors at its IBU, including Agri & Agribusiness, Affordable Housing, Media & Entertainment, Aviation, Ports & Logistics and Telecom among others. The IBU has emerged as a significant strategic addition to YES BANK’s business model and is helping in further diversification and expansion of cross border asset products as well as widening the scope and depth of our liabilities base.
Some of the key offerings include External Commercial Borrowing (ECB) and Trade Credit to Indian corporates, and Foreign Currency loans to Overseas JVs of Indian companies. The IBU also enables YES BANK to raise funds through the MTN (Medium Term Notes) route. YES BANK already has an enabling approval in place from its Board and shareholders to borrow/raise funds in Indian/foreign currency by issue of Debt Securities including but not limited to Non Convertible Debentures, Medium Term Notes and Bonds upto a total amount of INR 10,000 Crores.
Speaking on the occasion, Mr. Rana Kapoor, MD&CEO, YES BANK, said,” YES BANK is proud to be part of GIFT City’s success as a world-class IFSC, which is serving the needs of India’s financial services sector with state-of-the-art infrastructure and a supportive regulatory environment. As the 1st Bank to have begun operations at GIFT, we remain committed to further expanding our operations at the IBU and deepen our capabilities as the leading Indian Bank for cross-border trade transactions, External Commercial Borrowings and Foreign currency syndications.”
Mr. Ajay Pandey, MD&CEO, GIFT City said, “I congratulate YES BANK for having established itself as the leading Bank in the GIFT City, and we are proud to have worked with them to ensure the success of our country's maiden international finance centre. Given the momentum we have seen at GIFT, we are certain that with its class leading knowledge based products and services, YES BANK will continue to catalyse growth in the GIFT city and contribute to the economy."
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/
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