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Friday, Jun 17, 2005

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Yes Bank to vend non-life policies

Our Bureau

Hyderabad , June 16

AS a part of its strategy to earn significant amount of non-interest income, Yes Bank is set to enter into a strategic alliance with a general insurance company to vend the latter's products.

Disclosing this here on Thursday, the Yes Bank Executive Director, Mr H. Srikrishnan, said, "The bank is now at an advanced stage of discussions with one of the best known private sector non-life players. We will be signing the agreement for selling general insurance products shortly."

He was here as a part of the bank's road shows for IPO that opened for subscription on Wednesday. Mr Srikrishnan said the bank would begin selling the non-life insurance products from next month.

The bank, with cost of funds at 5.3 per cent for the fiscal ended March 2005, has reported a net interest margin of 2.84 per cent. Mr Srikrishnan said the bank's dependency on wholesale liabilities would continue even during the current fiscal since the bank was still in the process of setting up of its branch network.

The bank expects to raise significant level of retail liabilities and expand its transactional banking activities during the current fiscal. Yes Bank had raised wholesale liabilities from around 70 banks from both public and private sectors in the domestic market as also foreign banks, he said.

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