YES BANK GETS INDIA RBI APPROVAL TO START EQUITY BROKING
(The following and attached press release from Yes Bank Ltd. was received by e-mail. It was not confirmed by the sender.)
Press Release- YES BANK gets RBI approval to launch Equity Broking Expands Retail Product Offerings
Mumbai, September 27, 2012: YES BANK, India's fourth largest private sector bank, has received the Reserve Bank of India's (RBI) approval to foray into securities broking business.
With the proposed equity brokerage platform, the Bank will be well positioned to offer to its retail clients a complete suite of banking services, including savings, investments, wealth and loan products. The Bank expects to launch operations of the securities broking business during FY 2013-2014.
The retail equities broking business will add tremendous synergies to the retail savings as well as loan offerings of the Bank and will leverage the geographical footprint of the Bank, across 380 branches in 26 states currently, which is proposed to be scaled up to 900 branches by 2015. The retail broking services from YES BANK will be a highly complementary service offering for retail customers, thus boosting the overall savings proposition for the consumer and improving customer participation. The latest offering will also further drive the Bank's CASA momentum, besides opening up avenues for fee income.
Announcing the development, Dr. Rana Kapoor, Founder, Managing Director and Chief Executive Officer, YES BANK Ltd. said, "We are pleased to be granted approvals by the Reserve Bank of India for establishing a brokerage subsidiary. The timing is opportune given our thrust and focus on retail banking. The phenomenal success of our 6% and 7% savings account interest rate proposition can now be complemented by retail broking services, to provide further fillip to customers for a seamless savings and investment proposition. The securities broking offering is also in line with our commitment to the 'One Bank Approach' to our customers. The retail customers of the bank will need to look no further as YES BANK's cutting edge technology platform will ensure a seamless trading experience across savings, demat and broking accounts."
According to current RBI guidelines, the Bank will have to float a new subsidiary to domicile the equity broking business.
About YES BANK LIMITED
YES BANK, India's fourth largest private sector Bank, is the outcome of the professional & entrepreneurial commitment of its Founder, Dr. Rana Kapoor and his 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 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 vision of "Building the Best Quality Bank of the World in India" by 2015.