Yes Bank to raise $30 m from Wachovia

Yes Bank has signed $30 million one-year foreign currency loan agreement with the US-based Wachovia Bank to finance exports of the private sector bank's corporate clients.

Yes Bank said the facility completes its trade finance product suite by enabling it to provide export related credit products to its corporate clients at competitive rates.

Rana Kapoor, managing director & CEO, said, "The agreement will not only complete Yes Bank's 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's trade services is among the fastest growing in the country including a range of services such as letters of credit, domestic and international guarantees, trade credit, structured supply chain solutions and specialised pipeline offerings such as factoring and forfaiting. The trade services are backed by state-of-the-art technology platforms.

Thomas Kirker, managing director and regional manager at Wachovia , said, "Wachovia is particularly pleased to be able to partner with Yes Bank, and to assist the bank in providing the best possible suite of trade solutions for its corporate customers."