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Friday, September 28, 2012

Yes Bank to launch a broking subsidiary 'Yes Securities'

Yes Bank has received Reserve Bank of India approval to set up a broking subsidiary, Yes Securities Private Ltd. This subsidiary will have a capital of about Rs20 to 25 crore.

The broking business will compliment our retail liabilities and wealth management proposition,'' said Rana Kapoor MD & CEO Yes Bank. It would bring granularity in our current and saving account base. The focus would be on retail broking,'' said Kapoor.

The bank wants to increase its current and saving account base to 20% by 2013 from 16.2% at the end of June 2012.

The broking space is crowded with many large private sector banks like ICICI Bank, HDFC Bank and Axis Bank having sizeable market share. With the economic slowdown the margins in profitability of many broking houses are under pressure.

The new generation private sector bank has not done any senior hires. We have hired Pralay Mondal and Chitra Pandeya from HDFC Bank to run our retail banking business. They would be leading this business also,'' said Kapoor. The bank will recruit four to five senior research analyst.

Source: EconomicTimes


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