YES Bank signs deal to sell its mutual fund business; stock dips

YES Bank expects the sale to be completed within the next 8-12 months

Shares of YES Bank closed 1.2 per cent lower at Rs 15.57 on the BSE on Friday after the bank said it has signed an agreement for the sale of 100 per cent stake in two of its subsidaries, YES Asset Management Limited (YES AMC) and YES Trustee Limited (YTL), to GPL Finance for an undisclosed amount.

YES AMC is the asset management company of YES Mutual Fund and YTL is the trustee of YES Mutual Fund. 

"The Bank has executed a definitive agreement for the sale of 100% of the equity shareholding of YES Asset Management (India) Limited (“YESAMC”)