Rabobank Groep

22-6-2010 | Financieel

Rabobank reduces their stake in Yes Bank to 4.9%.

Today Rabobank successfully placed 37.3 million shares of Yes Bank to a diversified group of strong & reputable institutional investors (both domestic and foreign), thereby reducing their stake in Yes Bank from around 15.9% to 4.9%. Rabobank was one of the initial investors in Yes Bank, founded in 2004, which has been one of the best performing new private sector banks in India. Rabobank, as a part of its overall business plan for India, is obliged under the regulations to reduce it's shareholding in Yes Bank pending approval of its application for a full banking licence in India.

Rabobank has been present in India for over twelve years and currently has a 100% owned non-bank finance subsidiary (Rabo India Finance) and a minority stake in Yes Bank. Rabobank is a bank with a global footprint with an international strategy to focus on major growth markets which have a strong food and agricultural base. Rabobank wants to participate and contribute to India’s further growth in these and other sustainable sectors including renewable energy and clean technology. To this end Rabobank is keen to establish its own banking presence in India and has sought the necessary regulatory approvals.

Sipko Schat, Member of the Executive Board of Rabobank said: “We are a strong supporter of Yes Bank and its entrepreneurial management team, who have successfully established the bank as one of India’s most successful and fastest-growing full-service providers. We remain confident in the future prospects of Yes Bank and are retaining a 4.9% stake in the bank.”

In line with the reduction in their shareholding, Sipko Schat will step down from the Board of Yes Bank.