Gandhinagar: YES BANK, India’s 5th largest private sector Bank in India today announced that it has achieved $1 Billion balance sheet at its IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT) by the end of the FY 2016-17 (as on March 31, 2017).

With this the bank which was the first bank to start operations (IFSC Business Unit -IBU) in GIFT city has also become the first bank to reach the significant milestone of USD 1 Billion mark at the only International Financial Service Center (IFSC) in the country.

Speaking on the occasion, Mr. Rana Kapoor, MD&CEO, YES BANK, said,” YES BANK is proud to have reached the USD 1 Billion mark and be part of GIFT City’s success as a world-class IFSC, which is serving the needs of India’s financial services sector with state-of-the-art infrastructure and a supportive regulatory environment. As the 1st Bank to have begun operations at GIFT, we remain committed to further expanding our operations at the IBU and deepen our capabilities as the leading Indian Bank for cross-border trade transactions, External Commercial Borrowings and Foreign currency syndication.”

Since inception of the IBU of the bank at GIFT has executed multiple transactions across key sectors, including Agri & Agribusiness, Affordable Housing, Media & Entertainment, Financial Institutions, Aviation, Ports & Logistics, Manufacturing and Telecom among others. The IBU has emerged as a significant strategic addition to YES BANK’s business model and is helping in further diversification and expansion of cross border asset products as well as widening the scope and depth of our liabilities base.

Some of the key offerings include External Commercial Borrowing (ECB) and Trade Credit to Indian corporates, and Foreign Currency loans to Overseas JVs/subsidiaries of Indian companies and other eligible foreign entities including solutions to entities incorporated in GIFT IFSC. The IBU also enables YES BANK to raise funds through the MTN (Medium Term Notes) route at an appropriate time.

Mr. Ajay Pandey, MD&CEO, GIFT City said, “I congratulate YES BANK for having established itself as the leading Bank in the GIFT City, and we are proud to have worked with them to ensure the success of our country’s maiden international finance centre. Given the momentum we have seen at GIFT, we are certain that with its class leading knowledge based products and services, YES BANK will continue to catalyse growth in the GIFT city and contribute to the economy.”

DeshGujarat

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