At 12:30 pm, shares of Yes Bank were trading 0.94 per cent up at Rs 732.00 on BSE. Yes Bank stocks gained 0.83 per cent at Rs 731.70 on NSE at the same time (PTI)
Shares of Yes Bank gained almost 1 per cent as the private sector lender received Reserve Bank of India’s approval to set up a mutual fund, asset management company (AMC) and a trustee company.
At 12:30 pm, shares of Yes Bank were trading 0.94 per cent up at Rs 732.00 on BSE. Yes Bank stocks gained 0.83 per cent at Rs 731.70 on NSE at the same time
In a BSE filing, Yes Bank said, “it has received an approval from the RBI to sponsor a mutual fund, and to set up an asset management company and a trustee company.”
It further said: “In its twelfth year of operation, as Yes Bank accelerates into its next phase of growth, this new business initiative will provide further acceleration to Yes Bank’s differentiated product offerings.”
Asset management companies and trustee companies will be wholly owned subsidiaries of Yes Bank, it added.
The lender said its AMC will channelise savings of retail and institutional investors in equity and debt capital markets.
“This will complement Yes Bank’s retail liabilities strategy and also allow the AMC to leverage the Bank’s distribution network for customer acquisition,” it added.
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