MUMBAI, 27th July, 2016: YES BANK, India’s 5th largest private sector Bank, has received an in-principle approval from the Securities & Exchange Board of India (SEBI) to sponsor a Mutual Fund and to setup an Asset Management Company (AMC), and a Trustee Company. The AMC and the Trust Company shall be set up as wholly owned subsidiaries of YES BANK Limited.
This is further to the Reserve Bank of India (RBI) approval granted to YES BANK in October 2015.
The Bank has already identified senior leadership and technology architecture to establish this business, and will commence operations within 12 months.
The Asset Management Company (AMC) will channelize the savings of retail, corporate and institutional investors in equity and debt capital markets by leveraging YES BANK’s Knowledge Banking expertise. This will complement YES BANK’s retail liabilities strategy, and also allow the AMC to leverage the bank’s ‘DIGICAL’ distribution network for customer acquisition, and provide customers a seamless experience for their investments & savings solutions. The Bank will simplify and integrate “manufacturing to distribution” of equity and debt investment products for all its customers.
The AMC will further strengthen YES BANK’s expertise in wealth management solutions, debt capital markets and gain from its significant and growing customer base & distribution network, and overall execution expertise, to build a large and profitable Fund Management franchise.
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”.
For further information, please contact:
Ph.: +91 22 3347 9753, +91 9820813570
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