YES Bank is proposing to set up a branch in Singapore with an eye on business in the whole of Asia continent. The bank has plans to raise $1 billion from international markets and it has government approval to have foreign investment of up to 74% of its total capital. The bank’s board has approved to raise $1 billion of equity capital. It had already raised $500 million in May 2o14. The bank’s founder and CEO Rana Kapoor, said the bank is hopeful that in the $1 billion (being raised), at least 75% to 80% of the funds will be from offshore. The bank now expects to apply for a license to have a branch in Singapore. Kapoor said Singapore would be the bank’s springboard for expansion into the Asian markets, especially focusing on Indian and global Indian businesses.
