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Yes Bank co-founder Rana Kapoor in talks with Paytm to sell his stake: report

Yes Bank co-founder Rana Kapoor has initiated talks to sell his stake in the bank to Paytm, reports CNBC-TV18. If the deal goes through, it would be the first stance of a fintech company buying stake in a commercial bank. Kapoor and his family hold 9.64% in Yes Bank, of which 69% is pledged with Reliance Nippon Asset Management, as per the report. He had offered to sell this stake for Rs 1,800-2000 crore in August to Paytm founder and CEO Vijay Shekhar Sharma. Kapoor's family owns stakes in Yes Bank directly and through investment firms, Yes Capital and Morgan Credits. Kapoor and his family hold a share currently valued at Rs 1,550 crores, as per the CNBC report. Total promoter holding in Yes Bank is at 17.97%, with Rana Kapoor and his family owning 9.64%. The other co-founder's family owns 8.33%. It's worth noting that Kapoor had to demit office as the executive head of the bank in January, following concerns by RBI, including on governance and management. The board had asked for an extension to his tenure till September 2019, but RBI declined it. Banks have typically acquired fintech companies In 2017, Axis Bank acquired a mobile wallet FreeCharge in Rs385 crore all-cash deal, to strengthen its position in the payments space. Through this move, it gained access to FreeCharge’s 54-million-plus customers, technology, human resources, and the branding advantage. In 2018, HDFC launched Accelerator Engagement Programme (AEP) under the Bank’s Centre of Digital Excellence (CODE). It partnered with the UK's Department for…

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