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India Knowledge@Wharton 1 Feb 2012.Cdr February 01, 2012 Can YES Bank, India's Youngest and Fastest-Growing Bank, Be a Model for Newer Entrants? Published: February 01, 2012 in India Knowledge@Wharton In the first flush of liberalization post 1991, the Reserve Bank of other banks became more conservative. Kapoor, who did not have India (RBI) also imbibed some of the spirit of reform and opened up legacy issues to deal with, decided to press on the accelerator. He a trifle. New banking licenses were issued to several aspirants. But increased the number of branches, invested in the brand, continued many of those banks collapsed and ultimately had to be rescued by with hiring, intensified product management and customer the system. HDFC Bank (itself a new licensee) had to take over relationship. Most importantly in a money market that was almost Times Bank and Centurion Bank of Punjab. Global Trust Bank ran frozen, he showed risk appetite. into serious ethics issues and had to be merged with Oriental Bank of Commerce. And CRB Capital Markets, which was issued a “We were somewhat shaken and disturbed [by the crisis] because it banking license, never took off; the institution's chairman, C.R. was so early in the life [of the bank], but we also realized that it was a Bhansali, was arrested for various scams. great opportunity to acquire new customers and build confidence," Kapoor says. Jaideep Iyer, YES Bank's president of financial Currently, the RBI is set to issue a new set of licenses. The responses management, adds: "Given our scale and size we offered to the white paper on new guidelines are in. (The deadline was reasonably large sums in credit lines when other banks were October 31, 2011.) These rules will allow large industrial groups to dealing with liquidity issues. And we got more relationship apply, a practice that was earlier banned after several instances of breakthroughs during this period than we did in the earlier years." diversion of funds from the banks to group companies. Several Ashvin Parekh, partner and national leader of global financial industrial houses and industrialists -- Anil Ambani (Reliance services at Ernst & Young, notes that YES Bank has weathered the Commercial Finance); Kumar Mangalam Birla (Aditya Birla Nuvo); economic ups and downs very well. "The leadership team's ability Larsen & Toubro (L&T Finance); the Tatas and Mahindra & to assess the risks and rewards has held them in good stead," he Mahindra -- are planning to apply. says. For guidance in moving forward, they are looking closely at the Shekhar Bajaj, managing director of Bajaj Electricals, points out that relatively few success stories. HDFC Bank was set up in 1994 and bankers typically tend to be shortsighted and "go strictly by the has cut a very successful swathe. But the bank is fairly long in the numbers and ratings that computers throw at them." But Kapoor, tooth now, and its achievements have been well documented. The he says, looks at the bigger picture. Around 2006 or 2007, Bajaj was more recent successes are Kotak Mahindra Finance and YES Bank, looking for a loan for a company that his firm had acquired earlier. which got the RBI in-principal approval on January 30, 2002. Kotak That company had become debt-free post acquisition, but Bajaj was Mahindra was a bustling non-banking finance company and its finding it difficult to get any further bank loans for it. At this time conversion into a bank was mainly about managing the transition. Kapoor stepped in. "Instead of just looking at the balance sheet and The other license, given to what later became YES Bank, was a the rating of that company, Rana Kapoor looked at the parent partnership of two banking professionals -- Ashok Kapur and Rana company," Bajaj notes. "He charged me 2% to 3% higher interest, Kapoor. and made his extra money without really any additional risk because of the corporate guarantee that he got from us." Kapur, YES Bank's non-executive chairman, was killed in the terror attack in Mumbai in November 2008. Since then, Kapoor, managing Vaijayanti Pandit, senior director of the Federation of Indian director and CEO, has been steering the bank single handedly, Chambers Of Commerce & Industry (FICCI), ranks YES Bank high albeit with a strong management team. on customer service. Six years ago, FICCI shifted its account to YES Bank and Pandit says: "They have delivered on everything that they Kapoor has been in the banking sector since 1980. He held senior promised." positions at ANZ Grindlays' Investment Bank and Bank of America and also set up Rabo India Finance, a non-banking financial company. Kapoor is perceived by many observers as a high energy Building a Track Record professional-entrepreneur with a hands-on and focused approach, while at the same time nurturing an entrepreneurial culture within YES Bank's performance since inception has been compelling. The the organization. youngest greenfield bank in India (and the only greenfield license awarded by the RBI in the last 16 years), YES Bank was incorporated Recently, when the RBI deregulated the savings bank deposit rate, in November 2003 and got its banking license in May 2004. It started Kapoor was the first to make a move. He saw it as a huge with an initial capital of US$45 million. The shareholders opportunity to garner retail deposits. Within a few hours of the RBI comprised co-founders Kapoor and Kapur (55%), the Dutch move, Kapoor announced that YES Bank was increasing its savings financial services firm Rabobank (20%) and private equity players deposit rate by 200 basis points to 6%. This nimbleness in grasping (25%). The relationship with Rabobank was part of a reciprocal opportunities is characteristic of the 54-year-old Kapoor, observers agreement; prior to setting up YES Bank, Kapoor and Kapur had set say. Take the 2008-2009 period: In the wake of the global crisis, most up Rabo India Finance in 1998. Page 1 February 01, 2012 In the first six years of operations YES Bank clocked a compound "always been a bank with a difference." "It has demonstrated annual growth rate (CAGR) of 74% and in 2010-2011 it became the unprecedented growth rates in India and notwithstanding its still fourth-largest private sector bank in the country. YES Bank is a full small size, has created a very strong ethos and reputation of service commercial bank with corporate, small and medium professionalism among Indian banks," Chakrabarti notes. "Also its enterprises (SME) and retail banking, and has a comprehensive DNA, with the Rabobank connections, has helped cement their product suite comprising financial markets, investment banking, professional team-building. [It's] one of the best in the country." business and transaction banking and wealth management. According to Chakrabarti, corporate banking and wealth For the year ending March 2011, YES Bank's balance sheet grew at management services have been the key strength areas for YES 62% over the previous year to reach Rs. 59,007 crore (around Bank right from its inception, but retail banking and access to cheap US$11.5 billion at the exchange rate of Rs. 51 to a U.S. dollar). CASA [current account, savings account] funds may play a big role Deposits grew by 71% to reach Rs. 45,939 crore (US$8.9 billion), in competition. "That's where YES Bank may have a disadvantage," advances were at Rs. 34,364 crore (US$6.7 billion. 55% growth) and he says. "It is still viewed as a niche bank in a branch-dominated net profit was. Rs 727 crore (US$141 million. 52% growth). banking system in the country." FICCI's Pandit adds: "I see it more as an urban centric bank. To be seen as a large and inclusive player, Over the years, YES Bank has won many accolades in various YES Bank needs to go more into the semi-urban and the rural areas." banking surveys. It was ranked as India's fastest growing bank of the year at the Bloomberg-UTV Financial Leadership Awards 2011. Kapoor was also awarded the Banker of the Year 2010-2011 by Is Speed a Danger? business daily Business Standard. During the selection process, M. Damodaran, former chairman of the Securities and Exchange Board Is there a danger that despite its fast-paced growth, YES Bank may of India and head of the jury, noted that "the best should not be end up as only a boutique bank? Amit Kumar, YES's senior [selected] on past performance, but also on what it promises to president and country head for corporate and institutional deliver.” banking, is unfazed. "As a retail bank we are young and new and we do have to build on our retail franchise, so people may tend to have a perception that we are a boutique or niche bank. But if you look at Version 2.0 our balance sheet, we are a reasonably sized mid-sized bank. Our aspiration is to grow into a large bank over the next three years." Kapoor and his team are now working towards the next phase of growth. Called Version 2.0, Kapoor presented the growth plan to In Version 2.0, the bank's main focus is on liability generation internal and external stakeholders in April 2010. Before this, through relationships, granularity, geographical spread, the retail Kapoor admits candidly, he ran the bank with "outright gut and SME market, and increasing CASA deposits to 30%. At present, entrepreneurship." Covering a five-year period ending in March branch banking accounts for only 12% of the total assets at YES 2015, Version 2.0 envisages a CAGR of 35% and Rs.
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