YES Bank to foray into mutual fund biz; may buy an AMC

Moneycontrol Bureau

YES Bank’s board has approved a proposal for entering the asset management and primary dealership businesses, the company informed stock exchanges today.

“The asset management business will complement the bank's retail liabilities strategy, strengthen multi-product customer engagement and also allow the Bank to leverage its distribution network for customer acquisition. The AMC will complement YES Securities brokerage business which has now stabilized its operations and is rapidly growing its business footprint,” the YES Bank release said.

The Mint newspaper today reported that YES Bank is in talks with Deutsche Asset Management to acquire its mutual fund assets worth around Rs 22,500 crore.