The revival of Yes Bank marks the first successful reconstruction scheme led by banks in India’s banking history.
Following the backing of some of India’s largest financial institutions, Yes Bank has made considerable progress towards achieving the targets set by its new Board. The Bank is addressing all key issues and focusing on enhancing support for both its customers and stakeholders.
Addressing the Annual General Meeting, Yes Bank Chairman Sunil Mehta said: “Yes Bank’s successful completion of the Rs 15,000-crore follow-on public offering (FPO) truly demonstrates the strong confidence of institutional and retail investors in the Bank’s restructuring plan, action taken, future roadmap, and its professional management under the new leadership.”
Mehta believes that the upgrade of Yes Bank’s financial instruments by leading rating agencies is a testimony of the positive changes implemented in the Bank within a short timeframe.
Moody’s Investors Service (Moody’s) recently upgraded the Bank’s ratings to “stable outlook”. CRISIL revised its rating from A2 to A2+ for Certificate of Deposits and India Ratings revised its outlook from BB to BBB (stable for infrastructure bonds) and B+ BBB- (stable for Basel III Tier 2 Bonds issued by the Bank).
“We, at Yes Bank, are working on three pillars of sustainable growth – digitalisation, strong governance and risk framework, and sharing success with our stakeholders. These will lay the foundation of our transformation journey,” Mehta said.
As part of its plan to increase focus on Environmental, Social and Corporate Governance (ESG), Yes Bank is in the process of creating an institution that is trusted for its integrity and highest standards of governance and risk management.
“Looking ahead, FY 2020-21 will be a year of transition, as we battle the health and economic impact of COVID-19. I have immense faith in the team to restore our Bank to its rightful position among its leading domestic and global banking peers. Yes Bank is technologically contemporary and is constantly motivated to deliver value to all its stakeholders,” Mehta said.
The Yes Bank chairman expressed his gratitude to all the stakeholders for reposing trust in the Bank and said he felt a deep sense of pride to be a part of an institution that continued to show remarkable confidence towards delivering these positive outcomes. The achievements and the changes would not have been possible without the support of the Government of India, RBI, other regulators, investors, valued customers, members of the Board, and the over 21,000 highly enthusiastic and committed Yes Bank employees.
