The pact is aimed at Santander UK, a wholly-owned subsidiary of the Spanish Santander Group, enabling its clients in Britain access to banking facilities and on-the- ground support from Yes Banks network across India.
“The UK-India corridor is a high priority corridor for us and, as a global banking leader, Santander Groups large international network along with knowledge expertise makes it a natural partner of choice for Indian companies looking to globalise,” said Rana Kapoor, Founder and Chief Executive Officer (CEO) of Yes Bank.The MoU also encircles access for Indian businesses looking to expand globally to access Santanders support network in the UK.
“The fact is that India is the fastest growing economy in the world today and quite naturally the opportunities between India and the UK are getting catalysed,” he added.
“Especially, SMEs (small and medium enterprises) need cross-border partners and banks are the channel that can help open new markets for them. Santander and Yes Bank are looking at providing a collaborative platform to help SMEs penetrate new geographies,” he said.
“We are looking to establish key trade corridors and one of the main ones is India. The key issue for us was finding a partner with similar characteristics and cultural mindset to us and Yes Bank brings that perfect synergy,” said Chris Sullivan, Chief Executive Officer, Corporate Banking Division, Santander UK.
“We chose Yes Bank because we have similar approaches to connectivity. With their knowledge-driven banking, they too believe in the value of a sector-focused approach,” said John Carroll, Head of Product Management and International Business at Santander.
“In India, they are organised intentionally to support the needs of international clients. They have a dedicated team based across the country; the largest team of its sort in India,” he added.