Mid-size private sector lender Yes Bank 20 April 2018 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.
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. 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.