The Bank said the decision, made during a Board Meeting on January 27, 2024, is set to take effect from January 1, 2024.
Yes Bank announced on January 27th that its board has approved the transfer of investment banking and merchant banking operations from YES Securities (India) Limited (YSIL), its wholly-owned subsidiary, to the bank. In an exchange filing, the lender noted that YES Securities will relinquish its merchant banking license.
The board stated that the business transfer will be effective starting January 1, 2024.
Yes Bank indicated that this action is part of a broader restructuring effort aimed at capitalizing on market opportunities.
“The transfer of Investment Banking Business and Merchant Banking Business of YSIL to the Bank is being undertaken as a strategic measure to exploit opportunities and optimize growth within the group,” it stated.
According to the bank, YSIL has filed an application with the Securities and Exchange Board of India (SEBI) to surrender its merchant banking license as of January 11, 2024.
The bank further said YSIL will continue to focus on its core business activities, particularly its broking business, and further explore cross selling opportunities to retail clients.
Meanwhile, Yes Bank also declared its quarterly results today, with the net profit rising by 350 percent on-year to Rs 231.6 crore in the October-December period. The lender’s gross non-performing assets (NPA) remained steady at 2 percent, while net NPA improved to 0.9 percent.
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