YES Bank has responded to recent media speculations about the firm being in talks to acquire Spandana Sphoorthy Financial.
What Happened: The lender responded to a Hindu Businessline article that suggested that YES Bank was evaluating Spandana Sphoorthy for acquisition.
YES Bank clarified that the news article was entirely based on “media/market speculations”. However, the bank did assert its strategic intent to bolster its business in the financial sector through organic and inorganic means.
This includes exploring various alternatives such as tie-ups, partnership opportunities, joint ventures, strategic investments, portfolio buy-outs, and merger and acquisition opportunities, according to a regulatory filing.
YES Bank further clarified that there are currently no events required to be reported under SEBI rules.
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