Yes Bank raises USD 400 million via syndicated loan facility

Yes Bank, India’s fourth largest private sector bank, has successfully closed a competitively priced USD 400 million syndicated loan facility, borrowed out of the Bank’s IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT) and will be utilised to support the IBU’s growing business.

The bank has tied up a 3-year loan facility in a syndication led by Bayerische Landesbank, Commerzbank, CTBC Bank, First Abu Dhabi Bank PJSC, Korea Development Bank, State Bank of India, United Overseas Bank Limited and Westpac Banking Corporation, ensuring representation from a diverse set of countries across Europe, Middle East, Asia and Asia-Pacific. 

Yes Bank MD & CEO Rana Kapoor said the USD 400 million loan syndication reinforces the bank’s ability to raise substantial foreign currency resources. Yes Bank is the first to have begun operations at GIFT City and its IBU has crossed USD 3 billion Balance Sheet within three years of starting operations at GIFT City.

The bank had also recently raised USD 400 million through two syndicated loan transactions in Taiwan and Japan in November, 2017 followed by a USD 300 million syndicated loan transaction completed in July 2018 which saw subscription from eight banks. The IBU thereby has emerged as a significant strategic addition to the bank’s business model and is helping further diversification and expansion of cross-border asset products, as well as widening the scope and depth of the liabilities base.