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Last Updated : Nov 03, 2019 01:26 PM IST | Source: Moneycontrol.com

DBS Bank denies reports of possible Yes Bank acquisition

On November 1, Yes Bank reported a net loss of Rs 600 crore for the July-September quarter

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Singapore-based DBS Bank, on November 2, denied reports claiming that it may acquire 51 percent stake in Yes Bank.

"The rumours of DBS acquiring a stake in Yes Bank are unfounded and baseless," a DBS Spokesperson told news agency IANS.

According to a report by CNBC-TV18, Yes Bank also said that reports of possible acquisition by DBS, were false.

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As per current rules banks (including foreign banks having branch presence in India) can acquire up to 10 percent stake (share) in other banks. However, according to CNBC-TV18, in case of exceptional circumstances, the Reserve Bank of India (RBI) may permit them a higher level of shareholding.

Moneycontrol could not independently verify the reports.

On November 1, Yes Bank had said that investors were in discussion it to pump in capital of around $3 billion.

The bank had disclosed that one of the investors in discussion for $1.2 billion capital is a family office in the US.

The capital adequacy ratio of the bank has dipped in the last few quarters due to the accelerated recognition of non-performing assets (NPAs).

The bank is also in discussions to raise $1.6 billion from a clutch of six global private equity funds and two domestic mutual funds, according to chief executive Ravneet Gill. Gill had replaced the promoter-chief executive Rana Kapoor earlier this year.

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First Published on Nov 3, 2019 01:26 pm
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