To cash in on surging stock markets in India, private sector lender Yes Bank today said it would soon enter into retail brokerage business, which would widen its fee-based income and mobilise low-cost deposits.
"Brokerage is very compelling business, it helps to garner more deposits. As and when there is transaction, the bank gets its fee," said Yes Bank Managing Director and CEO Rana Kapoor.
Asked about timing for starting new vertical, Kapoor said "We will time it in next few months. We will be recruiting some external talent to manage new business vertical."
Brokerage has the very synergistic model in the bank, he added.
Besides, Yes Bank is also closing its first private equity fund worth about $250 million by September.
This is the first ever clean energy PE Fund called South Asia Clean Energy Fund in partnership with Global Environment Fund of Washington being done by any private bank.
The fund up to 250 million dollars would close by August-September, he added.