will give up its entire leased space in Indiabulls Finance Centre in central Mumbai and occupy the erstwhile Anil Dhirubhai Ambani Group headquarters at Santacruz as early as next week, bringing down its operational and rental costs substantially.
“It will be a lock-stock-barrel move out of
Finance Centre… This will save the lender at least a few hundred crores in annual rent,” an industry official aware of the development told ET. “It’s also renegotiating rent and shutting several branches to substantially reduce operational expenses.”
Yes Bank aims to cut expenses by more than 20% by relocating its offices from the central business district to new locations to rationalise cost, people in the know said.
The office has already been renamed ‘Yes Bank House’.
In April this year, the Anil Ambani-led
had sold its headquarters in the Santacruz suburb of Mumbai to Yes Bank for ₹1,200 crore and said the proceeds will be used to repay the debt owed to the private lender. Yes Bank had taken possession of the building in July last year after Reliance Infrastructure failed to repay dues of ₹2,892 crore.
Yes Bank declined to comment on an email query.
The lender will give up at least 10 floors in the Indiabulls building that housed the bank, offices of its brokerage Yes Securities, Yes
Hub, and all its back-end services including the call centre.
The fintech and back-end operations recently moved to a leased space at Airoli in Navi Mumbai.
The erstwhile Reliance ADAG headquarters has about eight floors, which used to house group companies including
, and its insurance and infrastructure businesses. Those firms moved to different locations including Wadala and Andheri a few weeks ago.
“The bank is expected to move in as early as next week. Employees have been asked to earmark their official belongings,” an executive involved in the process said.