Synopsis
Yes Bank aims to cut expenses by more than 20% by relocating its offices from the central business district to new locations to rationalise cost, people in the know said.
Agencies
Private lender
Yes Bank will give up its entire leased space in Indiabulls Finance Centre in central Mumbai and occupy the erstwhile Anil Dhirubhai Ambani Group headquarters at Santacruz as early as next week, bringing down its operational and rental costs substantially.
“It will be a lock-stock-barrel move out of the Indiabulls-owned building… This will save the lender at least a few hundred crores in annual rent,” an industry official aware of the development told ET. “It’s also renegotiating rent and shutting several branches to substantially reduce operational expenses.”
MUMBAI:
Yes Bank has started the process of relocating its headquarters from Indiabulls Finance Centre in central Mumbai to the iconic erstwhile headquarters of Reliance Anil Dhirubhai Ambani Group in the western suburb of Santa Cruz.
A senior official confirmed the move and said that that the process would take three-four months. The bank had acquired the premises in partial settlement of its loan dues from the Reliance Group.
Yes Bank’s current office is located in the Indiabulls Finance Centre tower at Lower Parel where it occupies the top six floors. The Reliance Group had shifted to the new headquarters only in 2018. Its offices have now moved to a smaller premise in Ballard Estate in South Mumbai.
Yes Bank begins moving into old HQ of Reliance Group
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Yes Bank begins moving into old HQ of Reliance Group
TNN / Updated: Apr 24, 2021, 10:18 IST
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The bank had acquired the premises in partial settlement of its loan dues from the Reliance Group. (Representative image)
MUMBAI: Yes Bank has started the process of relocating its headquarters from Indiabulls Finance Centre in central Mumbai to the iconic erstwhile headquarters of Reliance Anil Dhirubhai Ambani Group in the western suburb of Santa Cruz.
A senior official confirmed the move and said that that the process would take three-four months. The bank had acquired the premises in partial settlement of its loan dues from the Reliance Group. The bank has already installed its signage on the building.
Firms/companies > R > Reliance Industries
Reliance Infra sells its Mumbai headquarters to Yes Bank for Rs1,200 cr in debt redumption
05 April 2021
The Anil Ambani-led Reliance Infrastructure has sold Reliance Centre, the premises housing the group’s headquarters, to Yes Bank for Rs1,200 crore as part of a debt repayment process.
Reliance Infrastructure Limited (RInfra) and Yes Bank Limited (Yes Bank) on Thursday announced the sale transaction of Reliance Centre, Santacruz, Mumbai to Yes Bank. The transaction value is Rs 1,200 crore, Reliance said in a stock exchange filing.
“Entire proceeds from the sale of Reliance Centre, Santacruz, is utilized only to repay the debt of Yes Bank”, as per the stock exchange filing.