(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
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
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
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
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.
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