YES Bank jumps 8% as it ropes in Anshu Jain to raise funds

Shares of YES Bank surged 8 per cent after reports said the company has roped in veteran banker Anshu Jain to assist in raising funds. Anshu Jain is a former co-CEO of Deutsche Bank, and currently the president of Cantor Fitzgerald, an investment bank and brokerage firm.

The lender is also scheduled to hold an extraordinary general meeting (EGM) on February 7 at 11:00 am in Mumbai, where it will discuss to increase the authorised share capital from Rs 800 crore to Rs 1,100 crore and to alter the clause-V of the Memorandum of Association of the bank relating to capital.

YES Bank is going through a tough time due to accumulation of toxic assets. The bank needs capital to make high provisioning against bad loans. Also, the bank needs to be compliant with RBIs norms to maintain the capital adequacy ratio.


The lender has been struggling to raise funds. Recently, India Ratings said that it will be challenging for YES Bank to raise sizable capital.

Born in India, Jain did his schooling from Jaipur and Delhi and worked as a derivative analyst at UBS. After that he joined Merrill Lynch in New York and also had stints with a few other financial institutions.

Prior to joining Cantor, Jain was heading the German giant Deutsche Bank as a co-CEO for three years. He was the highest-paid CEO at the bank and resigned in 2015, after being associated with the bank for a total of 20 years.

Cantor Fitzgerald also made headlines due to a 9/11 attack that happened in New York City. Cantor lost many of its employees in the plane crash. But the firm rose from the ashes and reached new heights after Jain's arrival.

The shares of the lender closed 7.58 per cent higher at Rs 37.60 on BSE.