Yes Bank commences operations

Our Banking Bureau
06 September 2004

Yes Bank will focus on key sectors, which play a vital role in strengthening India's economic and social fundamentals — food and agri-business, infrastructure management (with a focus on agri-infrastructure and sustainable, renewable energy) and showcase India's global competitiveness; life sciences and health care, technology, telecom, select manufacturing, engineering, textiles, commodities and energy.

Yes Bank will initially target corporate and wholesale banking customers and offer the entire suite of business banking services including corporate banking, financial markets, investment banking and SME banking as well as treasury services. A comprehensive range of knowledge and structured products are being specially developed to cater to the needs of large and medium enterprises. Yes Bank will also partner with emerging small businesses for financial markets product offerings and for lending and transactional services.

Elaborating on the establishment of Yes Bank, Kapoor said, "We have assiduously built in-depth domain knowledge, mobilised high-calibre experienced professionals and are implementing latest technological developments and the best of class systems to work with. We will adapt international best practices and highest standards of service quality, operational excellence and professionalism in every aspect of our business to provide our customers a ''delightful banking experience."

"We will pursue the highest levels of professional integrity, ethical standards, compliance and corporate governance to build a world-class, high quality, service oriented institution of trust and enduring value. We have already ensured full compliance with Ganguly Committee governance norms and have established an excellent board of directors," Kapoor added.

In the second phase Yes Bank will introduce private banking, merchant banking and asset management products and concurrently establish and roll-out its retail network to widen market presence. Yes Bank plans to have a 100-branch network within three and four years with a balanced mix in urban, semi-urban and key rural agri-business pockets across.