Yes Bank to ramp up retail network

Yes Bank today unveiled a plan to expand its retail reach. The Mumbai-based bank will add 60 branches to its existing 21 branches by June 2007 and increase the number of employees to 1,800 by March 2007 from 1,000 now.

The bank said it has "charted out aggressive growth plans and is making significant new investments in building a retail banking framework. Some of the immediate plans include; establishment of 60 branches and 75 offsite ATM centres by June 2007." The bank currently does not have any off-site ATMs.

The bank has also further strengthened its retail banking team by nominating two top level executive sponsors and appointing three regional heads, who will report to Rana Kapoor, the bank's managing director and CEO.

The executive sponsors will provide guidance and advice and will work closely with the regional and product heads to ensure faster development of the bank's retail banking business.

Sunil Gulati, who is currently group president & head - risk management & corporate development, will take on additional responsibility as the executive sponsor responsible for the retail risk framework, KYC norms and retail assets.

Ajay Mahajan, group president - financial markets & investment management, will be the executive sponsor for the development and execution of key differentiated product offerings and non-branch channel distribution.

Kapoor said, "This structure will bring sharpened focus, greater vigour and velocity in our product and program offerings to our customers."

The bank is also setting up two processing centres "" one in Gurgaon and the second in Mumbai.