Singapore-Based DBS Bank Denies Reports Of Yes Bank Acquisition

Singapore-based DBS Bank said on Saturday that reports claiming that it will acquire a controlling stake in Yes Bank were false.

"The rumours of DBS acquiring a stake in Yes Bank are unfounded and baseless," a DBS spokesperson told news agency IANS.

Meanwhile, Yes Bank also confirmed that the DBS acquisition reports were false.

Earlier, Yes Bank in an exchange filing said that the bank had received strong interest from multiple foreign as well as domestic private equity and strategic investors.

The lender said that it has now received a binding offer from a global investor for an investment of $1.2 billion in the bank through fresh issuance of equity shares, subject to regulatory approvals and conditions as well as the bank's board and shareholders' approvals.