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Wednesday, January 28, 2015

YES Bank signs MoU with OPIC and Wells Fargo to support MSMEs

Private sector lender YES Bank has signed a memorandum of understanding (MoU) with the Overseas Private Investment Corporation (OPIC) - a development financial institution of the United States - to increase lending to micro, small and medium enterprises (MSMEs) in India.

Through this MoU, OPIC along with Wells Fargo Bank will be participating in a $ 220 million long tenor funding arrangement to YES Bank.

Wells Fargo will act as sponsor and co-lender to the project.

The proceeds will be used for on-lending to SME and MSME with a particular focus in underserved rural and urban markets in India.

The MoU was signed and exchanged between the visiting Elizabeth Littlefield, OPIC’s President and CEO, and Rana Kapoor, Managing Director and Chief Executive Officer (CEO), YES Bank in the capital on Tuesday.

Littlefield travelled with the U.S. President Barack Obama for participating in India's 66th Republic Day celebrations.

Source : Thehindubusinessline


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