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YES Bank ropes in Anshu Jain, former Chief of Deutsche Bank, to raise funds

Anshu Jain is currently the president of Cantor Fitzgerald, an investment bank and brokerage firm.

, ETBFSI|
Last Updated: Feb 05, 2020, 05.51 PM IST
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Anshu Jain is a former co-CEO of Deutsche Bank
Yes Bank, the fourth largest private bank of the India, is doing all it takes to raise capital. In its continuous efforts to raise funds, Yes Bank has given a mandate to Anshu Jain to raise the funds for the bank, sources close to the development told ETBFSI. Anshu Jain is a former co-CEO of Deutsche Bank , currently the president of Cantor Fitzgerald, an investment bank and brokerage firm. This development has come after Yes Bank has received approval from the board to raise $2 billion.

Cantor Fitzgerald is a New York-based 85-year-old global financial services firm having its 32 offices across USA, Europe, Middle East and Asia Pacific. 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.

Yes Bank is going through a tough time due to rise in NPAs, and bank need capital to make high provisioning against bad loans. Also, the bank needs to be compliant with RBIs norms to maintain the capital adequacy ratio. Yes Bank has been struggling to raise funds and share prices are down by 13% in last one month. Recently India Ratings have downgraded the ratings of Yes, Bank. India Ratings said that it will be challenging for Yes Bank to raise sizeable capital. The rating agency said raising sizeable capital in the near-term. Earlier, the Board of the Yes bank rejected the offer of Erwin Singh Braich to invest $500 mn in the bank.

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.

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.
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