Yes Bank, one of the leading private sector banks, has received approval from the Reserve Bank of India to set up IFSC Banking units (IBUs) in Gujarat International Finance Tec City(GIFT).
Establishing the IBU will propel Yes Bank’s growth plans further by providing it access to international financial markets, as well as provide a comprehensive product suite to its corporate clients requiring Foreign Currency (FCY) funding. It will also allow Yes Bank to raise FCY funding trough MTNs and other routes as appropriate.
Yes Bank had recently opened its first International representative office in Abu Dhabi, UAE in April 2015.
Shares of the bank declined Rs 2.1, or 0.26%, to trade at Rs 813.30. The total volume of shares traded was 157,737 at the BSE (12.49 p.m., Tuesday).