The Hindu Business Line : YES Bank to raise $150-m capital to fund expansion

IT PARTNER: Mr Rana Kapoor (left), Managing Director & CEO, YES Bank, and Mr John McClure, Director - Marketing & Operations, Intel - South Asia, at a press conference in Mumbai on Tuesday. - Paul Noronha

Mumbai , Sept. 12

YES Bank plans to raise $50 million by a mix of upper and lower Tier-II bonds during the second half of the current fiscal.

It also plans to mop up $100 million as primary Tier-I capital by a private placement or Global Depository Receipts issue, said Mr Rana Kapoor, Managing Director and CEO, Yes Bank.

"The capital raised will be used to fund loan growth and the bank's expansion plans," said Mr Kapoor on sidelines of a press conference.

YES Bank plans to roll out 30 additional branches, two processing centres and 75 offsite ATMs. It now has 30 branches.

YES Bank also is looking to increase its staff strength from the extant 1, 500 to 2, 400 by March 2007, Mr Kapoor said

It has applied to the Reserve Bank of India to set up a retail broking unit by next fiscal.

The bank has tied up with Intel Technology India Private Ltd to launch a wi-fi banking branch network, which will enable branches to deliver wireless banking to staff and customers. "The technology will be initially implemented in 20 branches," said Mr Kapoor.

"YES Bank will have wireless local area networks within the branch premises to help its customers access Internet and conduct wireless banking transactions in a fully secure environment," said an official statement.

"Mobility in retail banking will increase revenue, productivity and cut costs," said Mr John A. McClure, Director-Marketing and Operations, Intel-South Asia.

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