Awards for Excellence 2016
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Yes Bank’s philanthropic activities in Asia may not have the scale of some regional banks. But here we reward the efforts and ambitions of a smaller Indian bank, in a market not always known for sustainability and good governance.
Our award is triggered by two things. Just 12 years old, Yes Bank has sought from the outset to build principles of sustainable, inclusive and responsible banking. The clearest evidence of this in practice has been its leadership position in green energy finance. Shortly before our review period, in February 2015 Yes Bank issued India’s first green infrastructure bonds, to fund renewable energy projects; during our review period it follow up by raising Rs3.15 billion ($47 million) through a further issue of these bonds to the IFC, a private placement that represented the first ever investments by the IFC in an emerging markets green bond issue.
Yes Bank picked an opportune moment to do it, catching a brief (very brief, as it turned out) window of momentum towards masala bonds, listed on the London Stock Exchange, where the bonds now trade.