Yes Bank to buy 1% in USE

Yes Bank is planing to buy one per cent in the United Stock Exchange (USE), which plans to go live with currency trading this month. After the deal, USE will have 27 banks as its shareholders. The bank is still awaiting a formal approval from the Reserve Bank of India.

Last month, USE had sold 1.33 per cent stake to ICICI Bank. USE is backed by the Bombay Stock Exchange, which holds 15 per cent stake in the bourse. USE has 31 institutional shareholders, which include all 21 public sector banks and five private lenders (ICICI Bank, HDFC Bank, Axis Bank, Federal Bank and J&K Bank).

Having more banks as shareholders gives the exchange a wider reach. Also, banks are major traders in the currency segment.