Private sector lender YES Bank has got approval from the Reserve Bank of India to open two international representative offices. The new offices will come up in London and Singapore as part of the bank’s international expansion to provide services to the NRI (non resident Indian) population, the bank said in a statement.

As part of its international expansion, YES Bank had opened its first overseas office in Abu Dhabi in 2015 followed by the debut of IFSC Banking Unit (IBU) at GIFT City, Gandhinagar in the same year. YES Bank’s IBU continues to be the largest operational IBU with a $2.5-billion balance sheet supported by the bank’s maiden MTN issue of $600 million in 2018.

Rana Kapoor, MD & CEO, YES Bank , said, “The two new global financial and technology hubs would also act as a perfect platform for servicing YES Bank’s existing global client base in addition to providing networking coverage for the bank’s large investor community in these parts of the world.”

Singapore is a key financial hub in South East Asia for capital market - debt and equity. It also provides deep funding capabilities. Numerous MNCs have established regional head offices in Singapore, and the country also hosts over 6,000 Indian companies that have taken advantage of the Singapore launch-pad for trade in South East Asia.

Besides, London is universally recognised as one of the foremost international financial centres globally, with over $15-billion bilateral trade with India. Also, UK is a global wealth management hub, and therefore YES Bank’s London outreach will complement its Asia strategy by being the spring board for the bank’ network in UK, the statement said

YES Bank plans to provide facilities such Yes First and Yes Private Wealth Management programme along with best-in-class interest rates on NRE/NRO savings accounts and deposits, fixed currency and fixed deposits, premium rupee plan for higher yield on deposits, among other services.

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