Manama: India-based Yes Bank Ltd has asked for Reserve Bank of India approval to open a branch in Bahrain, livemint.com reported Monday, citing the bank's managing director and chief executive officer, Rana Kapoor.
The bank plans to raise $400 million (Dh1.5 billion) to $500 million in medium-term notes, Kapoor also told the website in an interview. "Our predominant consideration today is to do our maiden bond issue through the overseas branch."
The Bahrain branch will be complemented by a representative office in the UAE, focusing on trade finance and funding Indian firms' overseas expansion, the report said.
Rating
In the first week of Nov-ember, Moody's Investor Services assigned a Baa3 investment grade rating to Yes Bank, making it eligible to mobilise money from international investors. The bank has started the groundwork for an American depositary receipts issue, Kapoor told the website. "We want to be the third Indian listed bank in that market (after ICICI Bank Ltd and HDFC Bank Ltd), because it will put us into a global orbit. In the next one to two years, it will be our endeavour to look at the possibility," Kapoor said. The bank has appointed global consultancy firm KPMG to advise it on the Bahrain plans.
