Yes Bank management and other executives have moved to the new headquarters at Santacruz, Mumbai, The Times of India has reported.
Yes Bank Chief Executive Officer Prashant Kumar said the bank has begun vacating 10 floors of Yes Bank Tower, its rented office space in Mumbai's Elphinstone area.
"We are vacating the premises floor by floor and the complete transition will happen over a period of two months," Kumar told The Times of India.
Kumar said the lender will lower its rental costs each month.
On June 10, Yes Bank's board approved the shift of its registered office to Yes Bank House in Santacruz, with effect from June 14.
The board also approved a plan to raise Rs 10,000 crore through the issue of debt securities.
Also read: Yes Bank gets board approval to raise Rs 10,000 crore through issue of debt securities
The Santacruz office was earlier the headquarters of the Anil Dhirubhai Ambani Group.
On April 1, Reliance Infrastructure has sold its Reliance Centre at Santacruz to Yes Bank for Rs 1,200 crore.
Yes Bank reported a net loss of Rs 3,787.75 crore in Q4FY21, compared with a profit of Rs 2,629 crore a year ago.
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