Yes Bank gets RBI nod to open offices in London, Singapore

Mid-size private sector lender Yes Bank today said it has received approval from the Reserve Bank of India (RBI) to have presence in London and Singapore to support the diaspora business and also international trade.

The announcement to have representative offices in London and Singapore comes at a time when many state-run lenders are consolidating their foreign presence following the over Rs 13,000-crore scam at the Punjab National Bank.

Following the discovery of the scam, the government had directed public sector banks to shut down or consolidate overseas branches, while the RBI banned the letter of undertakings (LoUs).

Yes Bank's international presence comprised of a representative office in Abu Dhabi and a branch in the Gift City International Financial Services Centre in Gandhinagar.

"This will help in further diversification and expansion of financial services to the NRI diaspora," the bank's managing director and chief executive Rana Kapoor said.

With the addition of representative offices in the two key hubs of global finance, the bank will be able to effectively cover key geographies, he said, adding that this should be seen as its commitment to grow in the international banking space.

A bank statement said Singapore is the base for a host of multinationals and has the presence of 6,000 Indian companies, while the UK has a USD 15 billion in bilateral trade with the country apart from being a hub for wealth management.