Yes Bank rallies 5% on reports of exit from AMC biz

The bank, however, denied reports saying, “Yes Bank’s subsidiaries are core to extending the bank’s product offerings and reach.”
Shares of Yes Bank rallied more than 5 percent intraday on May 28 on reports that the private lender is planning to exit its asset management business.
According to a report in The Economic Times, India’s fourth largest private bank is looking to offload the business to another asset management company (AMC) or draw curtains as scaling up operations has become difficult amid stringent competition.
The bank, however, denied reports saying, “Yes Bank’s subsidiaries are core to extending the bank’s product offerings and reach.”
Yes Bank entered the AMC space in April 2017 and manages assets worth around Rs 2,000 crore, as of March 31, 2019.
At 1029 hours, Yes Bank was quoting Rs 154.55, up 5.39 percent on the BSE.