Yes Bank Denies Speculative Reports on 51% Stake Sale

The leading private lender, Yes Bank, on Tuesday, July 9, clarified the reports of a 51% stake sale as factually incorrect and purely speculative.
 

Key Takeaways from Yes Bank’s Clarification

• Yes Bank, on Tuesday, July 9, clarified the reports of a 51% stake sale as factually incorrect and purely speculative.
• Earlier, a media source claimed that the Reserve Bank of India had given its in-principle approval for an appropriate incoming promoter to purchase up to 51% of Yes Bank, beyond the typical 26% promoter-holding limit under banking regulations. 
• The central bank granted preliminary permission to Yes Bank and its principal shareholders. 
   

Yes Bank stated, “RBI has not given any in-principle approval as stated in the article, and this clarification is issued by the company voluntarily to dispel the baseless media article.”
 

Initially, a media source claimed that the Reserve Bank of India (RBI) had given its in-principle approval for an appropriate incoming promoter to purchase up to 51% of Yes Bank, beyond the typical 26% promoter-holding limit under banking regulations. 
 

According to the article, the proposed sale may value Yes Bank, the country's sixth-biggest private bank in assets, at around $10 billion, making it India's largest banking acquisition.
 

The central bank has granted preliminary permission to Yes Bank and its principal shareholders. According to the report, this move was remarkable because the RBI normally limits promoter holdings in domestic banks to 26%.
 

According to the article, the central bank is still examining the bidders' suitability. Yes Bank has reportedly hired Citigroup to shortlist potential promoters.
 

State Bank of India (SBI) and other lenders, including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, and LIC, collectively own approximately one-third of Yes Bank.
 

About Yes Bank Ltd

YES Bank, a full-service commercial bank headquartered in Mumbai, provides a comprehensive range of goods, services, and digital solutions to retail, MSME, and corporate clients. Yes Securities, the bank's completely owned subsidiary, handles the brokerage operations. Yes Bank operates throughout India, including an International Banking Unit (IBU) in GIFT City and a Representative Office in Abu Dhabi.
 

YES BANK continues to embrace the ever-changing digital market by offering options for optimal acquisition and improved client service. To streamline customer experiences, the bank has created and expanded a number of initiatives within its retail banking division. As part of its efforts to improve clients' digital experiences, the bank has implemented a number of deposit mobilisation and customer service initiatives.
 

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