Yes Bank gets RBI's approval for mutual fund, AMC and trustee company

Private sector lender Yes Bank on Monday said it has got the Reserve Bank's approval to set up a mutual fund, asset management company (AMC) and a trustee company.

In a regulatory filing, Yes Bank said it "has received an approval from the RBI to sponsor a mutual fund, and to set up an asset management company and a trustee company." It further said: "In its twelfth year of operation, as Yes Bank accelerates into its next phase of growth, this new business initiative will provide further acceleration to Yes Bank's differentiated product offerings." Asset management companies and trustee companies will be wholly owned subsidiaries of Yes Bank, it added.

The lender said its AMC will channelise savings of retail and institutional investors in equity and debt capital markets.

"This will complement Yes Bank's retail liabilities strategy and also allow the AMC to leverage the Bank's distribution network for customer acquisition," it added.

Shares of Yes Bank were trading at Rs 730.90, up 0.79% from previous close on BSE.

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