Private sector lender, YES Bank is seeking permission from banking regulator, Reserve Bank of India to start operations in Bahrain. This expansion plan of the bank includes the launch of $500 million (Rs.2,255 crore) overseas bond issue in the initial phases of the upcoming financial year,said CMD of the bank, Rana Kapoor.
The branch at Bahrain will act as the representative office of the bank in UAE and will target to strengthen trade finance business of the bank.
"Our predominant consideration today is to do our maiden bond issue through the overseas branch," Kapoor said.
Talking about bringing out an American depository receipt (ADR) issue soon, Kapoor said, "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."
As advisors to its Bahrain plans, the bank has appointed global consultancy major, KPMG.