At a time when most banks and financial institutions are slowing down their retail lending amid the global financial crisis, Yes Bank has firmed up its plans to get into retail lending.
The first phase of the expansion will see the bank increasing its focus on secured lending. The second phase, expected around 2012, will tap other key segments, including home and auto loans in the next two-three years. It will also get into the credit card business.
The bank is also planning to embark on an aggressive recruitment drive. The bank is set to hire 7,000 to 9,000 people in the next five years. At present it has over 2,500 employees.
Rana Kapoor, managing director and CEO, Yes Bank told Hindustan Times that the bank, which has chalked out its expansion plans, would focus on organic growth. The bank is set to make an investment of about Rs 347 crore in the next five years.
“We have chalked out our expansion plans and we want to have 750 branches by 2015,” Kapoor said, adding that there are 120 branches at present. By the year end, the bank plans to increase its head count to 3,600. Yes Bank plans to recruit about 900 people by the end of the current financial year.
The focus of the bank until now has been on sectors like agriculture, life sciences, infrastructure and other sunrise industries, Kapoor said.