YES BANK knowledge report titled "Indian Agriculture - The Winds of Change" was released by The Honourable Prime Minister of India, Dr. Manmohan Singh at the FICCI Agriculture Summit, where YES BANK was the Knowledge Partner. The report presents a holistic development approach across the agricultural value chain and portrays the attractiveness and diverse opportunities existing across several areas of the sector.
YES BANK launched the world's first wi-fi branch banking network in collaboration with Intel using Intel Mobile Technologies. This technology will allow the Bank's customers to access the Internet, and perform wireless banking transactions in a fully secure environment, within the branch premises.
YES BANK announced its decision to issue 10 million equity shares (3.6% of itsexpanded capital) on a preferential basis to Swiss Reinsurance Company (Swiss Re), one of the world's leading and most diversified re-insurers, and an investor of finest pedigree, at a price of Rs. 120 per share constituting an equity infusion of Rs. 1.2 billion (USD 26.5 mn), subject to regulatory/shareholders approval.
YES BANK has obtained a long-term credit rating of LAA- by ICRA and AA- by CARE to raise an aggregate of Rs 1.8 billion (USD 39.7 mn) of subordinated debt. Under this program, the Bank is in the process of privately placing unsecured, redeemable, non-convertible, subordinated Tier II bonds, aggregating Rs. 1.0 billion (USD 22.1 mn) with an option to retain over-subscription of up to Rs. 800 million (USD 17.7 mn). The bonds have a maturity of 114 months and carry a coupon of 9.1% per annum. The issue has been extremely well received.
The above capital raising initiatives are a part of the Bank's overall plan to raise up to USD 150 mn by the end of the current fiscal year. Towards this, the Bank has also received approval from the Board of Directors to raise capital from Perpetual Debt Instruments forming part of Tier I capital up to Rs. 85 crore (USD 18.7 mn) and by way of Hybrid Instruments forming part of Upper Tier II capital up to Rs. 280 crore (USD 61.8 mn).
YES BANK signed a foreign currency loan agreement with Wachovia Bank, N.A., a leading Global Bank. The agreement allows YES BANK to borrow USD 30 mn for one year, which will complete the Bank's trade finance product suite. The facility will enable the Bank to provide export related credit products to its corporate clients.
YES BANK has tied up with BillDesk, India's largest bill payment service provider, to facilitate easy online payment of bills. This payment facility gives all customers of the Bank the flexibility of viewing and paying bills online, free of cost.
YES BANK appointed Sanjay Agrawal (formerly Head - SME Credit, Standard Chartered Bank) as Country Head-SME Risk Management, Lovekesh Dev (formerly Head - Operations, Equinox Global Services) as Head - Centralised Business Processes & Contact Centre, and Nilanjan Sinha (formerly Chief Manager - Legal, ICICI Bank) as the Chief Legal Officer.
Total employee strength stood at 1,624 as on September 30, 2006 (311 as on September 30, 2005).
