Yes Bank CEO Prashant Kumar expects to sell problematic assets to JC FLowers ARC by month-end.
- On Thursday, a top Yes Bank executive indicated the stressed asset sale to JC Flowers ARC should close by November.
- The lender’s CEO and managing director Prashant Kumar told reporters that the asset reconstruction company (ARC) will receive around Rs 48,000 crore in bad loans by November.
- Transferring the debts will drastically lower the bank’s gross NPA percentage from 12.89% to under 2%.
- After a competitive process, the ARC is paying a portion of the loans it will resolve.