Yes Bank's IBU at Gift City crosses $1 bn business

Mid-sized private sector lender Yes Bank today said its the balancesheet of its international banking unit (IBU) in the GIFT City has crossed the USD 1 billion mark in the past financial year.
The lender, which was among the first to open shop in the country's first designated international financial services centre in Ahemedabad, claimed it is the first among lenders to touch the milestone.
"We remain committed to further expanding our operations at the IBU and deepen our capabilities for cross- border trade transactions, external commercial borrowings and foreign currency syndication," its managing director Rana Kapoor said in a statement.

Sectors in which it has worked include agriculture, affordable housing, media and entertainment, financial services, aviation, ports and logistics, manufacturing and telecom, a statement said.
Through the presence, the bank offers external commercial borrowing (ECB) and trade credit to domestic corporates, and foreign currency loans to overseas JVs/subsidiaries of domestic companies. The unit also enables it to raise funds through medium-term note programmes.