Mumbai: Rana Kapoor, managing director and CEO of Yes Bank, today announced the formal commencement of Yes Bank's banking operations as a full fledged scheduled commercial bank in India. Yes Bank aims to establish long-term partnerships with all its stakeholders by providing comprehensive financial solutions to create and share value with its customer base.
Yes Bank will focus on key sectors, which play a vital role in strengthening India's economic and social fundamentals - food and agri-business, infrastructure management (with a focus on agri-infrastructure and sustainable, renewable energy) and showcase India's global competitiveness; life sciences and health care, technology, telecom, select manufacturing, engineering, textiles, commodities and energy.
Yes Bank will initially target corporate and wholesale banking customers and offer the entire suite of business banking services including corporate banking, financial markets, investment banking and SME banking as well as treasury services. A comprehensive range of knowledge and structured products are being specially developed to cater to the needs of large and medium enterprises. Yes Bank will also partner with emerging small businesses for financial markets product offerings and for lending and transactional services.
Elaborating on the establishment of Yes Bank, Kapoor said, "We have assiduously built in-depth domain knowledge, mobilised high-calibre experienced professionals and are implementing latest technological developments and the best of class systems to work with. We will adapt international best practices and highest standards of service quality, operational excellence and professionalism in every aspect of our business to provide our customers a ''delightful banking experience."
"We will pursue the highest levels of professional integrity, ethical standards, compliance and corporate governance to build a world-class, high quality, service oriented institution of trust and enduring value. We have already ensured full compliance with Ganguly Committee governance norms and have established an excellent board of directors," Kapoor added.
In the second phase Yes Bank will introduce private banking, merchant banking and asset management products and concurrently establish and roll-out its retail network to widen market presence. Yes Bank plans to have a 100-branch network within three and four years with a balanced mix in urban, semi-urban and key rural agri-business pockets across.
The bank has been promoted by Ashok Kapur and Rana Kapoor, who had launched Rabo Bank in India in the mid 90s. The Indian promoters jointly hold 52 per cent of the bank's equity while 20 per cent by Rabobank, Netherlands, a part of the Rabobank Group, which is the only ''AAA'' rated private bank in the world.
Three other private equity institutional investors - CVC-Citigroup, New York, AIF Capital, Hong Kong; and ChrysCapital, San Francisco collectively own 25 per cent of the equity. The balance 3 per cent is being subscribed to by some top management executives.
Apart from Ashok Kapur, non-executive chairman, and Rana Kapoor, the board includes Hans Ten Cate, non executive vice chairman,and member of the executive board, Rabobank, Netherlands, Wouter Kolff, vice chairman , managing board, Rabobank International, Ajay Relan, country head, India, CVC-Citigroup, New York, Ashish Dhawan, senior managing director, Chrys Capital, San Francisco, Ajay Lal, managing director, AIF Capital Ltd, Hong Kong, H. Srikrishnan, executive director- designate, Yes Bank, Kashi Memani, former chairman, Ernst & Young, India, and Bharat Patel, non executive chairman, Procter & Gamble, India. P Srinivasan, vice president - India, CVC-Citigroup, New York and Peter Amour, CEO, AIF Capital Ltd, Hong Kong.