Indian private sector lender Yes Bank is planning to enter into asset management business in the next fiscal year.
Yes Bank managing director and CEO Rana Kapoor told PTI: "There is a plan to enter into asset management business organically or inorganically to what extent there is opportunity we will explore."
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Kapoor added that the company board has allocated a capital of INR50m to set up the new business.
The asset management business will enable the bank to develop a wealth management proposition for its clients as well as boost its presence in building retail market share on the back of its savings account proposition.
In addition, the new business aims to complement the bank’s retail strategy and assist in using existing infrastructure to provide the retail thrust.
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