Yes Bank gets RBI nod to set up broking subsidiary

Yes Bank, India’s fourth largest private sector bank, has received approval from Reserve Bank of India (RBI) to set up a broking subsidiary - Yes Securities. This subsidiary will have a capital of about Rs 20 to 25 crore.

Besides, the broking business will compliment the bank’s retail liabilities and wealth management proposition. The bank is also eyeing to increase its current and saving account base to 20% by 2013 from 16.2% at the end of June 2012.

Yes Bank, the private sector lender offers a full-range of client-focused corporate banking services, including working capital finance, specialized corporate finance, trade and transactional services, treasury risk management services, investment banking solutions and liquidity management solutions among others to a highly focused client base.