Yes Bank to sell mutual fund arm to GPL Finance

Yes Bank has signed a definitive agreement with GPL Finance and Investments Ltd to sell 100 per cent stake in Yes Asset Management (India) Ltd (YESAMC) and Yes Trustee Limited (YTL), both wholly-owned subsidiaries of the restructured bank.

YESAMC is the asset management company of YES Mutual Fund and YTL is the trustee of YES Mutual Fund. Upon completion of the transaction, YESAMC and YTL will cease to be subsidiaries of the bank, which will exit its mutual fund business.

In a regulatory filing, Yes Bank said that White Oak Investment Management Private Ltd owns 99 per cent of GPL Finance. The ultimate beneficial holder of the purchaser is Prashant Khemka who owns 99.99 per cent of White Oak Investment Management, it said.

"The Bank has on 21st August 2020 executed a definitive agreement for the sale of 100 per cent of the equity shareholding of YES Asset Management (India) Ltd and YES Trustee Ltd, both wholly owned subsidiaries of Yes Bank Ltd to GPL Finance and Investments Ltd," it said.

The transaction is subject to requisite regulatory approvals from the regulatory authorities and the bank expects the deal to complete in the period of 8-12 months.