YES Bank to transfer Rs 48,000 cr stressed loans to JC Flowers by end Nov

Lender said in July gross NPA ratio would dip below 2% after transfer to asset reconstruction company

YES Bank will transfer Rs 48,000 crore of stressed loans to asset reconstruction company JC Flowers by the end of November, said Prashant Kumar, the private lender’s managing director and chief executive officer.

Kumar was speaking at the sidelines of a banking event in Mumbai.

YES Bank said in September its board had approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers Asset Reconstruction, after receiving no bids to challenge that made by the private equity company.

Consequently, YES Bank’s board of directors approved JC Flowers’ declaration as the winner of the Swiss Challenge method used