The Hindu Business Line : Dena Bank signs pact with SIDBI

DENA Bank and Small Industries Development Bank of India (SIDBI) entered into a Memorandum of Understanding, today, for joint and co-financing of projects in the Small and Medium Sector, service sector and development of infrastructure projects.

Under this arrangement, the two banks would work jointly to identify projects and take up co-financing or exclusive financing of term loans, whereas working capital would be exclusively extended by Dena Bank.

To begin with, this arrangement will be rolled out at four centres, covering 17 clusters.

Mr M.V. Nair, Chairman and Managing Director, Dena Bank, said the bank sees immense potential in the SME sector. About the alliance, Mr N. Balasubramanian, Chairman and Managing Director, SIDBI, said it would leverage the strength of SIDBI in term lending with the expertise of Dena Bank in working capital lending to deliver better value to customers of both the banks.

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