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Yes Bank secures approval to open representative offices in London and Singapore
Indian private sector lender Yes Bank has received go-ahead from the Reserve Bank of India to open two representative offices in London and Singapore.
The approval will enable the bank to expand its services to the NRI population living in these two cities.
In April 2015, Yes Bank opened its first representative office in Abu Dhabi in the UAE.
Yes Bank MD and CEO Rana Kapoor 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.
“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 grow our footprint in the international banking space.”
In the two new cities, the bank will cater to the differentiated investment requirements of the Indian diaspora through its Global Indian Banking programme.
The services include wealth management programme, NRE/NRO savings and deposits services, foreign currency fixed deposit, as well as a dedicated virtual relationship manager for the customers.
Besides helping Yes Bank to grow internationally, the two new representative offices as well as the other one in Abu Dhabi are expected to support Indian origin global entities in meeting their international corporate banking, commercial banking and corporate finance requirements.
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