As part of a major expansion plan, India-based Yes Bank is set to venture into the retail broking market, and is also planning to create separate subsidiaries for existing banking segments. Furthermore, the bank is looking for private equity investments to grow and enhance its existing operations, the Economic Times has revealed.
As part of the process, the retail broking and the online transaction businesses are to be branded as Yes Securities and Yes Direct, respectively, the publication added.
To augment its current network of 54 branches across the country, the bank plans to open 250 branches by March 2010, including 100 branches along the Delhi-Mumbai industrial corridor, the Economic Times revealed.
As cited in the Economic Times, the bank’s managing director and CEO, Rana Kapoor, said: We believe it is a natural transition for any bank to have a broking arm. It gives you the advantage of providing all the services under one roof. We have initially earmarked INR250 million for setting up this business as the IT infrastructure is already in place.