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Rediff.com  » Business » Yes Bank to launch operations in Q2, '04

Yes Bank to launch operations in Q2, '04

Source: PTI
January 09, 2004 14:47 IST
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Yes Bank Ltd, a new private sector bank, will make its commercial launch in second quarter of 2004 with one branch each in Mumbai and Delhi.

"The infrastructure and architecture of the branches will be ready by March or April and we will make a commercial launch in Q2 2004," Rabo India Finance CEO Rana Kapoor, one of the promoters, said in Mumbai on Friday.

Kapoor, who would take over as managing director and CEO of Yes Bank from next month, said the bank had obtained financial closure with Rabo Bank holding 20 per cent stake while CVC-Citigroup-New York, Russel Asian Infrastructure Fund-Hongkong, and ChrysCapital-San Francisco holding 10 per cent, 7.5 per cent and 7.5 per cent stake, respectively.

The bank planned to gradually target wholesale banking, financial markets, corporate and transactional banking, retail and private banking business lines, he said.

The bank was earlier slated to commence operations by February end or March.

On branch expansion, he said, "We intend to end the first year with 10-12 branches in various parts of the country."

Kapoor, last month, had said that three per cent stake had been kept aside for the top management; the balance 52 per cent would vest with himself and Askok Kapur, another promoter of the bank and non-executive chairman of the entity.

Kapoor has been associated with Rabo India Finance since 1998.

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