The Hindu Business Line : YES Bank focusing on advisory services

Coimbatore, June 23 YES Bank “is constantly on the look out to identify gaps in the market and develop them,” according to Mr Somak Ghosh, Group President (Corporate Finance & Development and Knowledge Banking).

Mr Ghosh was referring to the four key advisory services — such as the specialised group for food and advisory services, strategic initiative group, project advisory and syndication group and social investment banking group.

Stating that such advisory services were not necessarily offered by banks, he said “Take for instance, the food and advisory services group. We offer entry advice, help find joint venture partners, offer guidance for setting up food parks, modernisation of agri-terminal markets and so on. We compete with professional advisory services firm such as KPMG, Ernst & Young. Given our sector focus, there is less competition. We recognised the gap for these services in the market, leapfrogged to grab the opportunity by targeting specific groups.” Reiterating the need to be competitive, he said “We are a knowledge focused bank. We strive to add value to our clients and stakeholders. Given the diversity of our product lines and revenue stream, we are well-positioned, considering the challenges in the present business environment.”

The bank is hoping to achieve revenue of over $10 million from across the advisory services group.

Product offering

He, however, pointed out that YES Bank’s role and responsibility ended with creating a business structure. “After that, the client’s board can decide on financial structure/accommodation. These are not trades, but strategic decisions and can be carried only subject to (client’s) board approval,” he clarified.

According to Mr Ghosh, MNCs, corporates, public sector undertakings and financial institutions sought the bank’s help for such services.

“Our product offerings are customised. We provide products based on industry and financial understanding. There are no rigid norms or ring-fenced structures,” he said.

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