It aims to serve the Indian population in the two economies.
YES BANK plans to set up representative offices in Singapore and London after receiving approval from the Reserve Bank of India, according to a press release.
The move comes on the heels of the bank’s first representative office in Abu Dhabi in 2015 and debut of the IFSC Banking Unit at GIFT City, Gandhinagar, India in the same year.
“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,” said CEO YES BANK Rana Kapoor.
YES BANK will provide services for differentiated investment needs of the Indian diaspora in London and Singapore through its flagship Global Indian Banking programme which includes services like wealth management programme, foreign currency fixed deposit, premium rupee plan for higher yield on deposits and portfolio investment scheme.
In addition, these three international representative offices collectively will support the bank’s MNC as well as Indian origin global entities for international corporate banking, commercial banking, and corporate finance requirements.
“The two New Global Financial and Technology HUBs would also act as a perfect platform for servicing YES BANK's existing global client base in addition to providing networking coverage for the Bank's large investor community in these parts of the world," Kapoor added.
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