Mid-size private sector lender Yes Bank has received final regulatory approval from the Securities and Exchange Board of India to launch a mutual fund business.
“Yes Asset Management will further complement the bank’s retail liabilities and wealth management strategy, and also allow it to build on the bank’s distribution network to provide customers a seamless investment and banking experience,” Yes Bank said in a statement today. The bank had already received the approval for the same from the Reserve Bank of India earlier.
Yes Bank has been growing its presence in the financial markets of late. It recently received the final licence from the SEBI to launch its custodian of securities business, prior to which it had also entered the GIFT City IFSC. The bank will also open representative offices in London and Singapore. It is already present in Abu Dhabi.