The board
of State bank of India has given in-principle nod for exploring investment in
the capital starved Yes bank.
In a late night notification, the
country’s largest bank said that the central board discussed the bank’s plans
to acquire stake in the private sector lender and has given an in-principal
approval to explore investment opportunity in the bank.
On Thursday Bloomberg had
reported that the government may ask SBI to pick up stake in Yes bank. The news
agency also reported that the state owned bank will choose other members of the
consortium. Mint also reported that the consortium could look at bringing in ₹12,000-14,000
crore in the bank.
Yes Bank has been struggling to
find investors to execute its plan to raise funds worth $2 billion despite several
efforts. The bank has been in trouble since its founder and former chief
execute officer (CEO) Rana Kapoor was not given an extension by the Reserve
Bank of India in 2018 owing to corporate governance issues and under-reporting
of bad loans. Kapoor’s term as the bank’s CEO had ended on January 2019.
Read More
: https://www.livemint.com/industry/banking/sbi-board-okays-exploring-investment-in-yes-bank-11583434557799.html
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