The London-born musician was an innovative part of the progressive music genre and played on five albums with the band before being asked to leave the group, upon which he formed Flash – a band which released three albums, all during 1972-73. Banks also recorded three albums with Empire after which he turned his hand to solo work and guest appeared on a number of other songs including Lionel Richie's "Hello".
A post on his official website stated: "It's with great sadness to have to report the death of Peter Banks. He died in his London home on March 8, 2013. Thanks for all the music Peter! R.I.P."
Former Yes member Billy Sherwood also said "I loved working with Peter on the many records I have produced over the years. He always delivered amazing stuff, creative, inspires and always with that classic original Yes flavor that came with his playing. He will be missed by me and many, many other fans of his music and playing."
Yes was probably best known for its Billboard 200 No.1 single, "Owner of a Lonely Heart" in 1983 and also scored a No.13 hit with "Roundabout" in 1971.
Banks died on March 8 from heart failure and was discovered in his London home after he failed to turn up at a recording studio where he was working on a live Flash album, "Flash – In Public".