Business Daily from THE HINDU group of publications
Saturday, Sep 29, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Sep 29, 2007 ePaper |
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Money & Banking
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Credit Market Industry & Economy - SSI YES Bank to focus on SMEs M Ramesh Chennai, Sept. 28 YES Bank has a bouquet of business plans — opening 56 more branches before March, starting an asset reconstruction company (ARC), floating a couple of private equity funds, a micro-finance company and an investment banking initiative exclusively for medium-sized companies. The ARC will start soon with equity participation from one other local bank and one foreign bank. Licence from the Reserve Bank of India has been obtained. But the PE initiative will take some time, says Mr Varun Tuli, President, Business Banking, YES Bank. Mr Tuli hopes the bank’s fledgling division, which it calls ‘Business Banking Financial Advisory’ (BBFA), would give the bank an edge in SME financing. (The bank defines SMEs as companies with turnover between Rs 20 crore and Rs 150 crore). He told Business Line that more than funding, SMEs needed advisory services, but they do not get it, as investment bankers typically look at big ticket transactions with a big fee potential. YES Bank, Mr Tuli said, intends to fill in this gap. The bank has over 300 SME borrowers and hopes that investment advisory services will help acquire more customers. “Big customers are nice to have, but SMEs is where a bank can make money,” he said. YES Bank, whose total business was Rs 11,000 crore last year, expects to reach at least Rs 17,000 crore in 2007-08. Mr Tuli expects the 56 branches to come up this financial year More Stories on : Credit Market | SSI | Private Banks
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