Yes Bank, India's fourth largest private sector bank has received Reserve Bank of India's (RBI) approval to open two representative offices in London and Singapore.  This is in continuation with Yes Bank's international foray to expand services to the NRI population living in London and Singapore and to also be positive for International Business development.

This planned international expansion comes on the back of Yes Bank's first representative office in Abu Dhabi, launched in April 2015 and the highly successful debut of IFSC Banking Unit (IBU) at GIFT City, Gandhinagar launched in the same year. Yes Bank's IBU continues to be the largest operational IBU with Balance Sheet size of over USD 2.5 Billion supported by the Bank's maiden MTN issue in 2018 of USD 600 million.

Rana Kapoor, MD & CEO, Yes Bank, said, "This is a significant development in the overall augmentation of YES BANK’s business model and will help in further diversification & expansion of financial services to the NRI diaspora. 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. 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."

Shares of the bank declined Rs 4.35, or 1.37%, to trade at Rs 313.65. The total volume of shares traded was 108,703 at the BSE (9.59 a.m., Friday).