This Private Lender Raised $400 Million for Its IFSC
Today, Yes Bank has just mopped up $400 million through a syndicated loan facility for its IFSC Banking Unit in Gujarat International Finance Tec City. It is in a fund-raising overdrive. Bank has stated that all the money will go into supporting the IBU’s growing business.
It also informed that the 3-year loan facility involves a syndication led by Bayerische Landesbank, Commerzbank, CTBC Bank, First Abu Dhabi Bank PJSC, Korea Development Bank, State Bank of India, United Overseas Bank and Westpac Banking Corporation, reflecting representation from across Europe, the Middle East, Asia and the Asia-Pacific.
Today, the Managing Director as well as the Chief Executive Officer Rana Kapoor has stated that the USD 400 million loan syndication reinforces the bank’s ability to raise substantial foreign currency resources through various product instruments at a competitive price. Yes Bank’s IBU has crossed $3 billion balance sheet within three years of starting operations at GIFT City. As the first bank to have begun operations at GIFT City, we remain committed to expanding our international operations as well as deepening our offerings at the Yes Bank IBU at GIFT City.
The bank recently raised $400 million through two syndicated loan transactions in Taiwan and Japan.
The IBU is coming up as a key component in the bank’s business model, helping in further diversification and expansion of cross border asset products as well as expanding the scope and depth of the liabilities base.