YES Bank plans to seek approvals for setting up an asset management and primary dealership businesses, the bank said in an exchange filing.
The board of directors, at its meeting on Wednesday, approved the proposal to seek regulatory consent for setting up these businesses.
The bank has 600 branches as of December 31, 2014 and plans to set up an asset management company (AMC) to channelise the savings of retail investors in equity and debt capital markets.
This will complement the bank's retail liabilities strategy, strengthen multi-product customer engagement and also allow it to leverage its distribution network for customer acquisition. across metro, urban, semi-urban and rural centres with a pan-India distribution presence, besides completing the overall bouquet of financial products to its customer franchise,the statement said.