RSS Feed
Twitter
8:22 AM
Blogger
India's private lenders ICICI Bank and Yes Bank signed a collaborative deal with the Export -Import Bank of Malaysia Berhad (Exim Bank) to enhance trade, especially for palm oil, between the two countries.
Through this deal, Exim Bank, a development financial institution wholly-owned by Malaysia's Ministry of Finance, will provide credit lines to ICICI Bank and Yes Bank to facilitate imports of goods from the South-East Asian nation.
"We have entered into a USD 100 million master facility agreement in order to facilitate ongoing trade and finance transactions between Yes Bank and its importing customers. This facility will play an active role towards further augmenting trade flows in the Indo-Malaysia corridor by arranging overseas trade credit for Indian importers," Yes Bank said in a statement here.
Through the tie-up, Yes Bank and Exim Bank will be able to leverage their combined expertise, local knowledge and corporate relationships to open up trade finance opportunities for their respective clients. The facility will be available by means of line of credit refinancing, buyers credit financing, import collection and/or open account transaction financing for Malaysia based trade transactions.
"This alliance will further strengthen our commitment towards the Indo-Malaysia business corridor. Bilateral trade in this jurisdiction has grown to USD 10 billion in 2010-11 and is expected to significantly increase with the signing of the Comprehensive Economic Cooperation Agreement (CECA) last year," Yes Bank Managing Director and CEO Rana Kapoor said.
This is a first-of-its-kind trade finance facility extended by the Malaysian Exim Bank to banks in India, which will further augment the trade and investment ties between the two countries, he said.
Source: EconomicTimes
Through this deal, Exim Bank, a development financial institution wholly-owned by Malaysia's Ministry of Finance, will provide credit lines to ICICI Bank and Yes Bank to facilitate imports of goods from the South-East Asian nation.
"We have entered into a USD 100 million master facility agreement in order to facilitate ongoing trade and finance transactions between Yes Bank and its importing customers. This facility will play an active role towards further augmenting trade flows in the Indo-Malaysia corridor by arranging overseas trade credit for Indian importers," Yes Bank said in a statement here.
Through the tie-up, Yes Bank and Exim Bank will be able to leverage their combined expertise, local knowledge and corporate relationships to open up trade finance opportunities for their respective clients. The facility will be available by means of line of credit refinancing, buyers credit financing, import collection and/or open account transaction financing for Malaysia based trade transactions.
"This alliance will further strengthen our commitment towards the Indo-Malaysia business corridor. Bilateral trade in this jurisdiction has grown to USD 10 billion in 2010-11 and is expected to significantly increase with the signing of the Comprehensive Economic Cooperation Agreement (CECA) last year," Yes Bank Managing Director and CEO Rana Kapoor said.
This is a first-of-its-kind trade finance facility extended by the Malaysian Exim Bank to banks in India, which will further augment the trade and investment ties between the two countries, he said.
Source: EconomicTimes
0 comments:
Post a Comment