Indusind Bank gets USD 50 million credit line from Wachovia Bank

Indusind Bank Ltd has announced that the Bank on June 25 2007 negotiated a line of credit of USD 50 million from Wachovia Bank.

The agreement for the credit line was executed by Mr. Moses Harding, Executive Vice President - Head Wholesale Banking Group, of the Company, in the presence of Mr. Homiar Hathiram, Director and Country Manager, South Asia, Wachovia Bank.

Speaking on the occasion, Mr. Moses Harding said "The funds under this credit line will be utilised for providing trade related financing to our clients. The arrangement also cuts the lead time for funds availability generally associated with loan syndications".

Internationally, the Bank has a Representative Office each in Dubai and London and has entered into strategic alliances with Union National Bank in the UAE and Doha Bank in Qatar. These strategic alliances encompass a wide range of banking services, including deposit accounts, remittance business, loans, wealth management advisory, distribution of third party products, trade finance, global banking, and investment banking including corporate finance. Through such partnerships, the Bank and its allies treat each other as preferred partners, with reciprocity of business flows and promotion of each other's banking services.

The Bank also has arrangements with sixteen exchange houses from the UAE, Kuwait, Bahrain, and Oman to provide convenient, cost-effective, and quick funds transfer facilities to NRIs.

Source : Equity Bulls

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