Indusind Bank gets USD 50 mn credit line from Wachovia Bank

Mumbai, June 25 (UNI) Indusind Bank Ltd today announced that it had negotiated a line of credit of USD 50 million from Wachovia Bank.

The agreement for the credit line was executed by Mr Moses Harding, Executive Vice President--Head Wholesale Banking Group, of the Company, in the presence of Homiar Hathiram, Director and Country Manager, South Asia, Wachovia Bank, the Indusind Bank said in a release issued here.

Speaking on the occasion, Mr. Moses Harding said ''The funds under this credit line will be utilised for providing trade related financing to our clients. The arrangement also cuts the lead time for funds availability generally associated with loan Syndications''.

Internationally, the Bank has a Representative Office each in Dubai and London and has entered into strategic alliances with Union National Bank in the UAE and Doha Bank in Qatar. These strategic alliances encompass a wide range of banking services.

UNI