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India’s Yes Bank Widens Its Market To The London Stock Exchange
Yes Bank is India's fifth largest private-sector bank. It spans across all 29 states and is recognized as the top and fastest-growing bank in the Indian finance industry. It's also the only Greenfield bank ever awarded a license by the Reserve Bank of India (RBI) in the last two decades.
Yes Bank plans to expand itself even further by joining forces with the London Stock Exchange (LSE). The United Kingdom and India signed the landmark deal on January 19th.
Photo Credit: Desi Blitz
The agreement will unite Yes Bank with the United Kingdom's exchange group. It plans to list up to $500 million US in green bonds on the LSE.
The sign-off will formalize the "Memorandum of Understanding" (MoU) that was signed with the LSE during Prime Minister Narendra Modi's visit to the United Kingdom back in November 2015.
Photo Credit: The Times
Yes Bank's merger with LSE aims at bond and equity issuance, mostly focusing on untapped green infrastructure.
In a statement on January 19th, the lender said, "The MoU will help strengthen the increasingly vibrant economic and financial ties between the UK and India."
Photo Credit: NDTV Profit
Finance systems are currently facing challenges like sector limits, high street interest rates, and asset liability mismatch. As a result, we've seen the demand for innovative ways to support energy efficiency projects rise.
India's government has a dedicated focus on renewable energy, aiming to deploy an additional 175 GW of generation capacity by 2022.
Rana Kapoor, co-founder, managing director, and CEO of Yes Bank, commented at the signing: "Yes Bank will strive to improve the access to long term overseas funds for corporations in India." He further said, "We also look forward to working with the LSE in establishing London as the leading instrument for raising rupee denominated offshore capital via 'Masala Bonds.'"
Photo Credit: Desi Blitz
Yes Bank is the first bank to issue green infrastructure bonds in India. This move catalyzes green infrastructure and encourages investment in renewable projects.
The financial collaboration hopes to have the green bonds listed on the LSE by December 2016.
Main Image Photo Credit: Talk About Finance
Nicole Singh
Author
Nicole is a bilingual professional with a journalism background who adores everything to do with fashion, culture, and Bollywood. She always had a passion for writing since a young age and decided to follow that dream. She has a sense of working in the field through news publications writt...
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