Yes Bank targets 1,000 SME clients by FY’09

Yes Bank targets 1,000 SME clients by FY’09
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First Published: Sun, Aug 17 2008. 11 45 AM IST
Updated: Sun, Aug 17 2008. 11 45 AM IST
By PTI
Mumbai: Yes Bank, has shortlisted 2,500 small, medium and emerging businesses as potential clientele and has converted 400 of them as clients, a top bank official said.
“We have shortlisted 2,500 SMEs and emerging businesses across sectors pan-India as potential clients and are targeting 1,000 of them as clients by the end of this fiscal,” Yes Bank managing director and CEO Rana Kapoor told PTI here.
The bank has already added 120 such clients in the April-July period this year. Presently, lending to the SME and emerging business segments comprises around 30% of the bank’s loan-book and the bank aims to increase this to around 45% by FY’09.
Typically, companies in these segments are unlisted, have a high growth-rate of 40% per annum and a turnover in the range of Rs150-750 crore.
“We focus on sectors such as agri-biz, food-processing, life-sciences, retail, non-conventional energy and select media and entertainment companies,” Kapoor said.
The new-generation lender defines emerging businesses as ones that show the signs and ingredients of growing big rapidly and are fast emerging as winners of tomorrow. Kapoor gave the example of Suzlon, a Yes Bank client, which has grown rapidly in the last four years.
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First Published: Sun, Aug 17 2008. 11 45 AM IST
More Topics: Yes Bank | SME | Rana Kapoor | Suzlon | Money Matters |