Yes Bank, Wachovia Bank sign foreign currency loan pact

Mumbai, Sep 20 (UNI) Wachovia Bank, N A, a leading global bank based in the United States has signed a foreign currency loan agreement with India-based Yes Bank.

As per the agreement, Yes Bank will borrow 30 million dollars for one year, which will be utilised for financing export of its corporate clients, a statement issued by Yes Bank said. The facility will complete YES Banks trade finance product suite by enabling it to provide export related credit products to its corporate clients at competitive rates.

Commenting on the agreement, Yes Bank Managing Director and CEO Rana Kapoor said, ''The agreement will not only complete Yes Banks product suite in Corporate Banking but also promote international business of our clients. Further, it demonstrates the confidence that Yes Bank has been able to build with leading financial institutions of the world since its early stages of evolution. Yes Bank has privileged relationships with some of the most reputed global financial institutions, which has enabled us to deliver superior and innovative products at extremely fine pricing to our valuable customers.'' UNI SN MAZ SBA HT1810