Several large European financial institutions are in advanced stages of talks to invest in India's Yes Bank Ltd., CNBC-TV18 reported Dec. 23, citing sources.
The unnamed entities have large exposures in Russia and Europe and could invest up to US$1 billion in the Indian private sector bank, according to the report. Any such equity investment in Yes Bank would be subject to the approval of India's central bank.
Yes Bank has been seeking to raise up to US$2 billion of equity capital. The CNBC-TV18 report came after the bank said Dec. 10 that it was willing to favorably consider a US$500 million investment offer from Citax Holdings and Citax Investment Group. The bank also said it would continue to evaluate a US$1.2 billion binding offer from Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings, as well as other potential investors.
The statement came amid reports that the bank may reject the US$1.2 billion offer.