Yes Bank raises Rs 120cr from Swiss Re

The board of directors of Yes Bank, which met today, approved a proposal to issue one crore equity shares at Rs 120 per share on a preferential basis to Swiss Reinsurance Company, Zurich, Switzerland (Swiss Re).

According to an official release issued by the bank today, the investment of Rs 120 crore (approximately $26.5 million), which has a lock-in period of one year, will enable the bank to further accelerate growth initiatives.

Rana Kapoor, managing director & CEO of Yes Bank, said: "This partnership with a marquee investor like Swiss Re validates our business and financial model in the competitive banking sector, and underlines the confidence of long-term value investors in Yes Bank."

"This investment will complement our expertise in providing knowledge-based products and services to our customers in our unstinted quest to build one of the world's best quality bank in India," Kapoor added.