Yes Bank to acquire Citi's retail assets in India
By MYBRANDBOOK
Yes Bank has announced to explore a potential bid for the Indian retail assets of Citibank, joining a list of suitors eyeing the local operations of the foreign bank that is partially exiting 13 countries.
Yes Bank will look at acquiring Citi’s retail assets, including credit cards and wealth management in India, chief executive Prashant Kumar said.
Kumar said, “We would definitely explore that opportunity; I think they are running a process. Once all of that is in the public domain, we would definitely like to explore not only credit cards but also wealth management and retail business. Then, depending on our appetite, we would take a call.”
Citibank India has 35 branches and serves 2.9 million retail customers, including 1.2 million bank accounts and 2.2 million credit card accounts. It has a 6% market share of retail credit card spends in India. Yes Bank has a credit card base of 947,000, which is at ₹2,288 crore as on 31 March.
Over the last year, Kumar has been making efforts to rebuild the bank amid challenges posed by covid. The bank reported a 33% growth in retail term deposits from a year earlier, 60% growth in corporate term deposits and 50% growth in current and savings accounts (Casa) in fiscal 2021.
While its loan book shrank 3% in 2020-21, Kumar is confident of clocking a 15% credit growth in FY22. Kumar also said, “Even if you see this year, there would have been credit growth. It is not shown in the number because we have made accelerated provision," also added that in the March quarter, the bank disbursed ₹15,000 crore in loans, of which ₹3,500 crore went to corporates, and the rest to retail and small business borrowers.
The bank’s plan to further clean up the soured loan book by setting up an asset reconstruction company is facing a roadblock after the Reserve Bank of India (RBI) turned down the proposal. Kumar said the bank will be able to survive the second covid wave, aided by buffers it has built for future impact. Its provision coverage ratio currently stands at 78.6%.
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
VERSA NETWORKS INDIA PVT. LTD.
CENTRE FOR DEVELOPMENT OF TELEMATICS
FINOLEX INDUSTRIES LTD.
AMARA RAJA POWER SYSTEMS LTD.
Technology Icons Of India 2023: Gautam Adani
Gautam Adani is the Founder and the Chairman of the Adani Group, an In...
Technology Icons Of India 2023: Nikhil Rathi
Nikhil Rathi, Co-founder & CEO of Web Werks, a global leader in Data C...
Technology Icons Of India 2023: Dr. Sanjay Bahl
Sanjay Bahl is currently with the Indian Computer Emergency Response T...
C-DOT enabling India in indigenous design, development and production of telecom technologies
An autonomous telecom R&D centre of Government of India, Center of Dev...
INDIANOIL helps reach precious petroleum fuels to every nook and corner of the country
IndianOil, a diversified, integrated energy major with presence in alm...
Leading company into fertilizers in the country
NFL is a dynamic organization committed to serve the farming community...
WPG C&C COMPUTERS & PERIPHERALS PVT. LTD.
WPG C&C Computers & Peripherals (India) was incorporated in 2008 and ...
SUPERTRON ELECTRONICS PVT. LTD.
Supertron deals in servers, laptops, components, accessories and is a...
SONATA INFORMATION TECHNOLOGY LIMITED
Sonata Software Limited is a leading Modernization engineering company...