Yes Bank plans to enter brokerage business soon

My digitalfc.com reports that Yes bank plans to enter brokerage business soon.

To cash in on surging stock markets in India, private sector lender Yes Bank today said it would soon enter into retail brokerage business, which would widen its fee-based income and mobilise low-cost deposits.

“Brokerage is very compelling business, it helps to garner more deposits. As and when there is transaction, the bank gets its fee," Yes Bank Managing Director and CEO Rana Kapoor told PTI.

Asked about timing for starting new vertical, Kapoor said "We will time it in next few months. We will be recruiting some external talent to manage new business vertical." Brokerage has the very synergistic model in the bank, he added.

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