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One of the leading private banks in India, the YES Bank has recently announced that it is planning to make some acquisitions very soon and has already finalized two banks, as its possible acquisition targets. The officials of the bank have stated that they are likely to accomplish the acquisition within the next 18-24 months and this is going to help the bank in expanding its business further.
The Managing Director and CEO of Yes Bank, Mr. Rana Kapoor was talking about the companys acquisition plans and said, "We have one or two banks on our radar...In 18-24-month time, we should be looking at this (a possible acquisition)". He said that as the valuations of the bank are still at reasonable levels and they are not expecting it to increase in the medium-term, the acquisition would definitely be attractive and helpful for the bank. However, he did not reveal the names of the banks that the Yes Bank has finalized for the acquisition.
Mr. Kapoor has obviated any chance of the Yes Bank being acquired by another bank and said, "(We feel) it would not be desirable to merge with other banks. We dont want to lose our identity, lose direction and lose our vision by doing so". It can be said here that there were some reports about some of the foreign banks interests to acquire the bank. When asked about the fact that the HSBC Bank has recently increased its stake in the bank to 4.88 per cent, Mr. Kapoor said that it was "a purely financial investment".
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| Posted : 4/12/2008 |
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