Yes Bank charts aggressive plans for Retail Banking

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. 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 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/Wealth Management business.

The Executive Sponsors will provide guidance and advice and will work closely with the regional and product-investment heads to ensure faster acceleration / development of the Bank's Retail Banking business. 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.

Commenting on the Bank's retail banking plans, Mr. 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. This structure will bring sharpened focus, greater vigour and velocity in our product and program offerings to our customers. It will be invaluable in extracting tremendous synergies across all parts of the Bank as also in providing an external manifestation of are unique 'One-Bank Approach' with the objective of creating a delightful customer experience."

Source : Equity Bulls

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