Rabobank sells its stake in Yes Bank

By News Desk | June 24, 2010

Rabobank, the Dutch  bank has at least sold off its 11% stake in Yes Bank for a sum valued about Rs 980 crore.

Now the bank holds 4.9% stake in the private sector bank as against its previous holding of 15.9%. It had to reduce its stake in order to meet the statutory conditions to open its own commercial bank in India.

RBI norms stipulate that a current foreign bank cannot hold over 5% stake in a local private bank.

Rabobank has sold .73 crore shares of Yes bank at Rs 263 a share to various institutional investors. Post this stake sale, Mr Sipko Schat, member of the executive board of Rabobank, will not be on the board of YES Bank.

He said, “We remain confident about the future prospects of YES Bank and are retaining a 4.9 per cent stake in the bank.”

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