Yes Bank to foray overseas, cards biz in FY12

Mumbai: Yes Bank is in advanced stages of applying for a wholesale bank licence in Dubai International Financial Centre and has plans to foray into credit card business, a top official told reporters late on Wednesday.

The mid-sized private lender also plans to open a representative office in UAE.

It is an objective this year to have one wholesale bank overseas and one representative office in the course of this year, Managing Director Rana Kapoor said.

The bank, which also has approval to open 35 branches in India, plans to complete the roll-out by July, he said.

The bank has a headroom to raise 10-12 billion rupees in tier II capital and will look to tap it when (interest) rates start coming off, Kapoor said.

The bank has board approval to raise $500 million in equity and Kapoor said it would happen in the latter part of FY12 or the next fiscal year.

It plans to launch its credit card business in 2012/13, Kapoor added.

Source: Financial Express