Mumbai, December 23, 2013:: YES BANK, India’s fourth largest private sector Bank, has raised USD 150 million from IFC, Washington a member of the World Bank Group, for tenor of up to 7 years. The loan will be used by YES BANK to scale up its small and medium enterprise loan portfolio.
The financing package to YES BANK includes $45 million provided through IFC's new co-lending program in addition to IFC's own account loan of $60 million, both for a period of 7 years; and another $45 million syndicated loan provided by Intesa Sanpaolo, Bank Muscat, Doha Bank & AKA Frankfurt for a tenor of 2 years. YES BANK has swapped the said loan with RBI through the concessional swap window offered to banks.
YES BANK is the first institution globally to receive funding through IFC’s Managed Co-Lending Portfolio Program and also the first Indian bank to raise loan under IFC’s A/B loan facility. The loan facility would be used by YES BANK to scale up its SME Loan portfolio. The IFC Managed Co-Lending Portfolio Program is a new syndications platform that offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio.
On the successful completion of the transaction, Mr. Rana Kapoor, Managing Director & CEO, YES BANK, said, “Through this significant foreign currency loan and long tenor facility, we aim to achieve our longer term goals of further reaching out, diversifying and expanding our SME loan book. The facility demonstrates YES BANK’s ability to draw long tenure funds from global banks and institutions who have partnered IFC under this loan facility, reiterating our demonstrated financial and business model, and the faith reposed in the management team by one of the largest and finest global financial institution.”
“Increasing financial access to micro, small and medium enterprises directly supports job creation, a top priority for IFC in India,” said Serge Devieux, IFC Director for South Asia. “The investment shows our commitment to support under-served and un-banked women business owners who generate significant social and economic benefits.”
About YES BANK LIMITED
YES BANK, India’s fourth largest private sector Bank, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and his top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the Future Businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. YES BANK has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the vision of “Building the Best Quality Bank of the World in India”.
For further information, please contact:
Kartik Upadhyay / Abhishek Issar
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