News: Yes Bank to open 60 branches by June '07

(SB 27/09/2006) Mumbai - Yes Bank Ltd has announced that the bank has charted out aggressive growth plans and is making significant new investments in building a state-of-the-art retail banking framework.

According to a release issued in BSE, some of the immediate plans include; establishment of 60 bank branches and 75 offsite ATM centres by June '07, two processing centres at DLF cyber city centre at Gurgaon and Tiecicon House at Mahalaxmi, Mumbai and thereby ramping up the retail banking headcount (currently at 1000) to at least 1800 executives by March '07.

The bank has also further strengthened the retail banking team by nominating two top level executive sponsors and appointing three regional heads, who will be reporting into Rana Kapoor, Managing Director and CEO, who continues to directly oversee and is actively involved in building the retail and wealth management business, said the release.

Sunil Gulati who is currently the group president & head- risk management & corporate development will take on additional responsibility as the executive sponsor responsible for the retail risk framework, KYC norms and retail assets, while Ajay Mahajan, group president financial markets & investment management will be the executive sponsor for the development and execution of key differentiated product offerings and non branch channel distribution, added the release.

Commenting on the bank's retail banking plans, Rana Kapoor, Managing Director and CEO of the bank, said, "Yes Bank has set out aggressive retail expansion plans, we are determined to evolve an enduring service trust mark with excellence in service and product quality."