India-based Yes Bank has received 91 new branch licenses in June 2010. The bank plans to open 100 new branches across India, and take the branch network to 250 within the next one year.
The plan is in line with Yes Bank’s strategy on building branch banking businesses through an integrated SME, MSME, retail & liabilities driven proposition besides the continued focus on its corporate businesses.
Yes Bank said that it would primarily focus on deposit mobilization during the next phase of growth. It plans to increase its current and savings accounts (CASA) at a percentage of total deposits from around 9% to minimum 20% by 2012.
Rana Kapoor, founder/managing director and CEO of Yes Bank, said: “I truly believe that this incremental branch expansion is a significant organizational imperative for the bank’s next phase of growth Version 2.0 that will further propel retail/SME banking initiatives.
“Yes Bank will steadily enter into the retail banking segments, by offering a wide suite of competitive products including secured/unsecured business loans, working capital finance, Trade & CMS and complementary products including CV finance, secured personal loans, amongst others gradually, while augmenting the pan-India branch presence.”