The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, recently announced it will be lending USD 75 million to India’s Yes Bank, a commercial bank headquartered in Mumbai, to support its on-lending activities to small and medium-sized enterprises and agricultural clients.
The loan will be in the form of a subordinated bond, and is expected to benefit approximately 350,000 enterprises.
Dr Rana Kapoor, Managing Director & CEO of Yes Bank, commented, “IFC’s support to Yes Bank will help strengthen our credit systems and processes, risk management and customer relationship management, and help us deliver more financial services to the target sector [1].” As of March 2011, Yes Bank had INR 590 billion (USD 11 billion) in total assets.
By Amira Berrada, Research Associate
About International Finance Corporation (IFC): A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects
About Yes Bank: Yes Bank is a private-sector, commercial bank headquartered in Mumbai, India. The bank’s business lines include corporate and institutional banking, financial markets, investment banking, branch banking, business and transaction banking and wealth management. Yes Bank’s vision includes socially responsible banking, and the bank has developed a microfinance initiative known as Yes Sampann in collaboration with ACCION, a Boston-based microfinance organization. As of March 2011, Yes Bank had INR 590 billion (USD 11 billion) in total assets.
Sources and Additional Resources:
[1] http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/436642F52342C12A8…
MicroCapital.org story, April 8, 2012, “MICROCAPITAL BRIEF: Advans SA Opens Microfinance Institution Advans Cote d’Ivoire, International Finance Corporation (IFC) Invests $1m in Equity” https://www.microcapital.org/microcapital-brief-advans-sa-opens-microfina…
MicroCapital.org story, March 5, 2012, “MICROCAPITAL BRIEF: European Union Funds International Finance Corporation (IFC) to Support Microfinance Institution Arvand’s Agricultural Loans in Tajikistan” https://www.microcapital.org/microcapital-brief-european-union-funds-inte…
MicroCapital.org story, March 1, 2012, “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $32m to Garanti Bank Romania for Small and Medium-Sized Enterprises” https://www.microcapital.org/microcapital-brief-international-finance-cor…
MicroCapital Universe Profile for International Finance Corporation (IFC): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Int…
MicroCapital Universe Profile for Yes Bank: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Yes…
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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