Yes Bank Gets RBI's Nod to Open Two International Offices
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After the technology boom, the competition in Indian banking sector has increased. To succeed in the digital age, banks need to make rapid advances in the financial technology space. As the business grows, it’s also important for financial institutions to expand beyond the home market, which not only increases visibility but also helps to tap the NRIs.
Following the footsteps of other banks, Yes Bank, India’s fourth largest private sector bank will open two representative offices in London and Singapore. The bank has received Reserve Bank of India’s (RBI) approval to expand services to the NRI population living in London and Singapore. The Global foray is going to be a positive step for Yes Bank’s International Business Development.
The planned international expansion comes as a result of YES BANK’s first representative office in Abu Dhabi, launched in April 2015 and the highly successful debut of IFSC Banking Unit (IBU) at GIFT City, Gandhinagar launched in the same year. YES BANK’s IBU continues to be the largest operational IBU with Balance Sheet size of over USD 2.5 Billion supported by the Bank’s maiden MTN issue in 2018 of USD 600 Million.
Financial Services for Non-Resident Indians:
Commenting on the announcement, Rana Kapoor, MD & CEO, YES BANK, said, “This is a significant development in the overall augmentation of YES BANK’s business model and will help in further diversification & expansion of financial services to the NRI diaspora. The opening of Representative Offices in key financial and trade hubs like London and Singapore, in addition to our existing office in Abu Dhabi, gives us an effective coverage for most key global geographies and demonstrates our commitment to growing our footprint in the international banking space.”
Kapoor believes the two New Global Financial and Technology HUBs would also act as a perfect platform for servicing YES BANK’s existing global client base in addition to providing networking coverage for the Bank’s large investor community in these parts of the world.
Meeting Investment Needs Of The Indian Diaspora :
Singapore is a key financial hub in South East Asia and for the capital market- debt and equity and provides deep USD funding capabilities. Numerous Multinational Corporations (MNCs) have established Regional Head-Offices in Singapore, and the country also hosts over 6000 Indian companies that have taken advantage of the Singapore launch-pad for trade in South East Asia.
London is universally recognized as one of the foremost international financial centers globally, with over USD 15 bn bilateral trade with India. Also, UK is a global wealth management hub, and therefore YES Bank’s London outreach will complement our Asia strategy by being the springboard for YES BANK’s network in the UK.
For economies like London and Singapore, Yes Bank will provide services for differentiated investment needs of the Indian diaspora through its flagship Global Indian Banking program which comprises of innovative best-in-class services.
The list of services includes:
- YES First and YES Private Wealth Management Programme
- Best-in-class Interest Rates on NRE/NRO Savings Account and deposits
- Foreign Currency Fixed Deposit (FCNR)
- Premium Rupee plan for higher yield on deposits
- Dedicated Virtual Relationship Manager
- Portfolio Investment Scheme (PIS) to transact in the Indian Secondary Market
In addition, these three international representative offices collectively will support YES BANK’s global MNC as well as Indian origin global entities for International Corporate Banking, Commercial Banking, and Corporate Finance requirements.