Yes Bank gets RBI nod to open offices in London, Singapore
31 May 2018
Private sector lender Yes Bank today said has received Reserve Bank of India’s (RBI) approval to open representative offices in London and Singapore. “This is a significant development in the overall augmentation of Yes Bank’s business model and will help in further diversification and expansion of financial services to the NRI diaspora,” Yes Bank MD and CEO Rana Kapoor said.
“Opening of representative offices in key financial and trade hubs…gives us an effective coverage for most key global geographies and demonstrates our commitment to grow our footprint in the international banking space,” he added.
Yes Bank opened its first representative office in Abu Dhabi in April 2015 and also launched IFSC banking unit (IBU) at GIFT City, Gandhinagar, in the same year.
With asset quality one of the best in the industry among corporate lenders, a 54 per cent year-on-year increase in credit book – both on its corporate and commercial books, Yes Bank is keeping up its growth momentum.
Yes Bank’s deposits rose 40.5 per cent YoY with strong traction in CASA deposits.
The GNPA ratio improved to 1.28 per cent (down 24bps YoY, 44bps QoQ).
With 18.4 per cent capital adequacy (tier-1 13.2 per cent), the bank is well capitalised for 30 per cent loan growth over FY’19-20.