RBI okays Yes Bank representative offices in London & Singapore
Banking industry news : Yes Bank, an Indian private sector bank has secured approval from India’s central banking institution – the Reserve Bank of India (RBI) to open two international representative offices in London and Singapore.
The Indian private sector bank said that the opening of the offices is part of its entry into global markets to expand its banking services to non-residential Indians in London and Singapore.
Yes Bank says that its planned global expansion follows the opening of a representative office in Abu Dhabi in April 2015 and the launch of IFSC Banking Unit (IBU) at GIFT City, Gandhinagar in the same year.
Commenting on the opening of the Yes Bank representative offices in London and Singapore, Rana Kapoor – MD & CEO of 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.
Rana Kapoor said that the new Yes Bank representative offices in important financial and trade hubs like London and Singapore along with the Abu Dhabi office gives the bank an effective coverage for most of the major global geographies.
YES BANK Logo (Photo courtesy of PRNewsfoto/YES BANK)
The Yes Bank CEO further said: “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.”
Yes Bank said that it will offer services for differentiated investment requirements of the NRIs in London and Singapore. These will be provided through its global Indian banking program which comprises services like wealth management program, best-in-class interest rates on NRE/NRO savings account and deposits, foreign currency fixed deposits, dedicated virtual relationship manager, portfolio investment scheme among others.
The Indian private sector bank said that the three Yes Bank representative offices in Abu Dhabi, London and Singapore will support its global MNC and Indian origin global entities by meeting their corporate finance, international corporate banking and commercial banking requirements.