Microsoft CEO Bill Gates looking to enter the Indian banking sector for a long time eying on Yes Bank,which now looking for funds. It seems Microsoft is stepping in to buy a 15 percent stake in YES Bank and then take over director position. According to bank bosses, two other top companies, including Microsoft, are in talks with the bank.
The talks, which have been going on since the third week of last month, are reportedly leading Microsoft. If these negotiations are finalized, YES Bank will transfer the equity shares equivalent to a 15 percent stake to Microsoft.
The cost of these shares is around Rs. 2,000 crore. If this deal is reached, the bank will provide the necessary funds to expand digital banking and payment systems. A bank official said that YES bank had hired an investment banker in connection with the sale of the bank’s share and had informed the Reserve Bank of India of all dealings.
However, neither Microsoft nor YES Bank accepted to comment officially on the matter. The bank said it was seeking to mobilize capital for implementation of business requirements and development plans.