The Hindu Business Line : IndusInd Bank gets $50-m credit line from Wachovia Bank

New Delhi Jun 25 IndusInd Bank, a private sector bank, has got a $50-million credit line from the US-based Wachovia Bank for providing trade-related financing to its clients.

The tenure of the credit line would be 13 months. This arrangement cuts the lead-time for funds availability generally associated with the loan syndications, Mr Moses Harding, Executive Vice-President, IndusInd Bank, told reporters after signing the credit line agreement here today.

He also said that IndusInd Bank might enter into more such tie-ups with banks based in Britain, Hong Kong, Singapore and Malaysia to grow its international business.

Mr Harding also indicated that the bank might during the current fiscal raise capital through Tier-II bonds to sustain high loan growth.

"We have headroom to raise up to Rs 400 crore of Tier-II capital in fiscal 2007-08," he said.

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