INSUBCONTINENT EXCLUSIVE:
Mumbai: YES Bank is on track to raise the much-needed capital, its CEO Ravneet Gill said on Tuesday.
“We have always maintained that we
will raise capital at the very earliest… none of that has changed
We want to get back on the growth phase,” Gill said at Times Networks’ India Economic Conclave.
“As soon as capital comes in, the
runway for growth is tremendous,” he said.
Gill also said the earlier comments by other bankers that Kotak Mahindra Bank was best suited
to acquire a stake in the bank, was just banter.
Last week, YES Bank said it was considering $500 million investment offer from London-based
Citax Holdings and Citax Investment Group, in what would be a vital financial lifeline for the private lender.
A final decision on the
investment, which is proposed to be made through a preferential allotment, will be taken at the bank’s next board meeting.
India's top
bankers on Tuesday opined that Kotak Mahindra Bank (KMB) is best suited to acquire smaller and capital-starved rival YES Bank.
"I think Uday
(Kotak) is the best candidate to acquire YES Bank
You need deep pockets, Uday has that," SBI Chairman Rajnish Kumar said at Times Network's India Economic Conclave here.
When the same
question was posed to third-largest lender Axis Bank's Managing Director and CEO Amitabh Chaudhry, he gave the same suggestion.
“We (Axis
We are trying to ensure that we grow big so that at some stage we can acquire others
So, yes Mr Kotak, they are best suited rather than us," he said.
