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Mumbai, Nov. 12 YES Bank has signed a foreign currency loan agreement with the US-based Wachovia Bank to borrow a one year loan of $35 million. With this, total funded facility Wachovia has provided to the bank will go up to $46 million, said a press release from the bank.

The loan will be utilised for financing exports of its corporate clients. The facility will enlarge the bank’s trade finance portfolio in export-related credit products to its corporate clients at competitive rates. The bank’s trade services offers a range of products and services which includes Letters of Credit, domestic and international guarantees, trade credit, structured supply chain solutions and specialised pipeline offerings such as factoring.

Mr Rana Kapoor, Managing Director and Chief Executive Officer, YES Bank said, "The loan agreement will not only enhance the bank’s trade finance portfolio but also further promote international business for our clients.”

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