Yes Bank, an Indian private sector bank, has commenced its international expansion by opening its first representative office in Abu Dhabi.
The bank is also planning to open a branch in the Dubai International Financial Centre (DIFC) by mid-2015, according to Gulf News.
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The bank is eying expansion in various key international financial centers including London, Dubai and Singapore in a bid to capture relatively low cost funding through non-resident Indian deposits.
The lender has been active in the Gulf region to raise funds, and in last May raised $500m through a global qualified institutional placement.
Highlighting Yes Bank’s plans to launch an American Depository Receipt issue in 2015, Rana Kapoor, CEO of the bank, said, "We recognise that many international investors have recognised Yes Bank as the barometer for the new Indian economy. So it is important for us to promote ourselves as the new barometer to the international investors."
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