India's Yes Bank has signed a currency-loan agreement with the US-based banking and financial services provider, Wachovia Corporation.

The agreement aims to bolster the Indian bank's letter of credit (L/C) and trade finance services.

Loan terms

Yes Bank will borrow US$30 million for a year from the Carolina-based bank. The Indian bank will use the loan to finance exports for its corporate clients.

The loan also aims to help Yes Bank provide export-related credit products to corporate customers at competitive rates, which should help Yes Bank's expansion.

Business promotion

Yes Bank already offers several trade services, including L/Cs, trade credit, and supply chain solutions.

"The agreement will not only complete Yes Bank's product suite in corporate banking but also promote international business of our clients," says the bank's CEO and managing director, Rana Kapoor.

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