Mumbai, Jan. 9: Yes Bank is planning to raise over $170 million — either through qualified institutional placement (QIP) or as private equity — to grow its existing business and enter new segments.

The private sector bank, in which Rabobank of the Netherlands is an investor, is planning to foray into areas such as asset management and institutional broking.

While confirming that the bank is looking at new areas, an official said it would strengthen its core activities.

After the QIP/private placement, which will be completed by March, Yes Bank may also raise fresh Tier-II capital.

The bank recently got the shareholders’ approval to issue over 1.47 crore shares to Orient Global Tamarind Fund Pte Ltd at a price of Rs 225 per share.

The private placement was done to augment long-term resources, thereby increasing the Tier-1 capital and capital adequacy ratio of the bank.

Last year, Swiss Reinsurance Company (Swiss Re), the global reinsurer, picked up around 3.57 per cent in Yes Bank through a preferential allotment.

Swiss Re bought up to 1 crore shares at a price Rs 120 apiece.

Yes Bank, which now has over 60 branches in the country, offers various financial services, including corporate, institutional, investment, retail and private banking.