Troubled private lender Yes Bank finalised an agreement for the sale of 100 per cent equity shareholding of Yes Asset Management and Yes Trustee to GPL Finance and Investments which is 99 per cent owned by White Oak Investment Management.
According to the documents, the ultimate beneficial holder of the purchaser is Prashant Khemka who owns 99.99 per cent of White Oak Investment Management. The transaction is subject to requisite approvals from regulatory authorities.
Yes Asset Management is the asset management company of Yes Mutual Fund and Yes Trustee is in turn the trustee of Yes Mutual Fund.
“Upon completion of the transaction, Yes Asset Management and Yes Trustee will cease to be subsidiaries of the bank and the bank will exit its mutual fund business,” Yes Bank said in regulatory filings at stock exchanges.
It said the revenue contribution of Yes Asset Management in the last financial year was ? 33 lakh and net worth contribution totalled ? 49.70 crore.