- Banking & Financials
Yes Bank takes off into next growth phase - launches version 2.0
Establishes the roadmap for five years till 2015
YES BANK, India’s new age private sector Bank, has embarked on its journey into the next phase of growth, and launched the Bank’s VERSION 2..0 – the Take-off. Rana Kapoor, Founder/Managing Director & CEO, along with his top management team, announced the roll-out of a strategic blueprint for the Bank, to further accelerate its business growth with the objective to achieve a balance sheet size of Rs1500bn, a pan India branch network of 750 with a human capital base 12,000 by 2015.
Speaking at the media interaction, Mr. Rana Kapoor, Managing Director & CEO, YES BANK said, “We concluded Version 1.0 of YES BANK on March 31, 2010, and I am pleased to report that, we have relentlessly surged ahead with utmost dedication, passion and commitment, backed by a differentiated financial and business model to achieve robust and sustained growth. Over the last six years since inception in 2004, we have leveraged on Creative Management Frameworks, Innovation and cutting-edge Technology, concurrently ensuring a Development Focus in our uncompromising pursuit to emerge as the Professionals’ Bank of India. Version 2.0 (2010-2015) is clearly the most stimulating phase in the life cycle of YES BANK, and we are fully prepared to achieve greater heights.”
YES BANK has successfully pursued counter cyclical strategies during FY09 & FY10, including investing in Relationship Development, Human Capital, Infrastructure – branches, ATMs & Creative Technologies, and Brand Building, along with capital raising initiatives such as the maiden Qualified Institutions Placement (QIP) in January 2010 (INR 1034 crores). YES BANK has had a highly satisfactory and sustained business and financial performance in FY 2009-10, and the Bank has now established a FIVE year VISION upto March 31, 2015, and has prepared an effective execution driven strategy for all businesses revolving around the 7 key objectives:
· Liabilities Mobilization (RANK 1)
· Sustainable/Diversified Revenue Generation
· Optimal Risk Management
· Effective Cost Management
· Finest Human Capital Management
· Continuous Strengthening of Systems, Controls, Processes and Procedures
· Superior Customer Service & Brand Management
As part of YES BANK’s growth strategy, Corporate & Institutional Banking will continue to be a sizable business & key driver. However, the Integrated Branch Banking and Commercial Business which includes emerging corporates, SME & Retail customers will be the key Growth & Value Drivers in Version 2.0. The Bank will also continue its focus on the key sunrise sectors such as Food & Agri, Healthcare & Pharmaceuticals, Media & Entertainment, Infrastructure, Engineering, and tap many more emerging sectors of the Indian economy to expand in line with our knowledge driven approach. YES BANK will steadily enter into the retail market, by offering a wide suite of competitive products including secured/ unsecured business loans, working capital finance, term lending, Trade & CMS and complementary products including CV finance, Auto Loans, Credit Cards, amongst others gradually. YES BANK will focus on the granularity of Liabilities management through a focused strategy by also pursuing non-linear growth opportunities such as the recent partnership with Nokia to launch the first-of-its-kind YES Mobile Money Services, which will establish a platform to enable transfer of money using the mobile device in a secure manner.
In accordance with this strategy, YES BANK has recently launched two significant Programs that will significantly augment its Business Development initiatives - YES FIRST BUSINESS and YES PROSPERITY BUSINESS. These comprehensive Service-driven, segmented programs have been custom-designed for Emerging Indian companies and SMEs, and are powered by a wide range of Current Account solutions, best-in-class Technology & payment facilities and value-added Knowledge Advisory.
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