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Tue 16 Nov 2010 10:08 AM

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India's Yes Bank seeks approval for Bahrain branch

Private lender to open second office in the UAE, to raise $500m in overseas bond issue in early 2011

India's Yes Bank seeks approval for Bahrain branch
Rana Kapoor, CEO, Yes Bank
India's Yes Bank seeks approval for Bahrain branch
Reserve Bank of India

Yes
Bank, the India-based private lender, has asked for Reserve Bank of India
approval to open a branch in Bahrain, it has been reported.

The move is part of
an expansion plan that will include a $500m overseas bond issue in early 2011, managing
director and CEO Rana Kapoor said in an interview with livemint.com.

"Our predominant consideration today is to do our maiden bond issue
through the overseas branch.”

The
bank also plans to open a representative office in the UAE, to focus on trade finance
and funding India firms’ overseas expansion, he said.

“It’s
a door opener for the Middle East. It will also help us tap NRI (non-resident
Indian) funds and allow us to raise international funding.”

Yes
Bank is eying a US listing in two years, Kapoor said.

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