Indian private-sector lender Yes Bank is shifting its business model towards retail banking.
The move was announced by Yes Bank’s group president Amit Kumar. The bank, with a balance sheet of over INR1tr ($16bn) currently depends on large corporates for 66% of its business.
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Kumar said: "Over a period of time, we are getting equally focused on SMEs and retail banking directionally.
"We want to see our business portfolio coming 33% each from large corporates, mid-segments and SMEs".
Currently, about 15% of Yes Bank’s business portfolio comprises the mid-segment and 17% belongs to SMEs.
According to Kumar, the bank also managed to raise $105m from the International Finance Corporation for lending to SMEs.
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By GlobalDataSMEs remain one of the core sectors for the bank but there are also other sectors including life-sciences, information technology, pharmaceutical, fast-moving consumer goods and engineering.
Kumar said: "These sectors have remained relatively insulated from the stress that is seen in the banking sector".
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