NEW DELHI: ICICI Bank and YES BANK inked a collaborative deal with the Export-Import Bank of Malaysia Berhad (Exim Bank) to strengthen trade, mainly palm oil, between both the nations.
An official statement from YES BANK, “This facility will play an active role towards further augmenting trade flows in the Indo-Malaysia corridor by arranging overseas trade credit for Indian importers.”
Via this deal, Exim Bank, a development financial institution wholly-owned by Malaysia's Ministry of Finance, will offer credit lines to ICICI Bank and YES BANK to help imports of goods from the South-East Asian nation.
The facility will be available by line of credit refinancing, buyers credit financing, import collection and/or open account transaction financing for Malaysia based trade transactions.
YES BANK Managing Director and CEO Rana Kapoor said, “This alliance will further strengthen our commitment towards the Indo-Malaysia business corridor. Bilateral trade in this jurisdiction has grown to $10 billion in 2010-11 and is expected to significantly increase with the signing of the Comprehensive Economic Cooperation Agreement (CECA) last year.”