US-based Wells Fargo Bank and the US government’s Overseas Private Investment Corporation (OPIC) have agreed to “explore” extending up to USD 220 million in credit to Yes Bank, and Indian commercial bank, for on-lending to micro-, small and medium-sized enterprises (MSMEs). Of this total, USD 100 million would be earmarked for lending in “underserved” areas – both urban and rural. The amount committed by each company has not been specified.
As of fiscal year-end 2013, Yes Bank reported total assets of INR 991 billion (USD 16 billion), return on assets of 1.5 percent and return on equity of 24.8 percent. As of 2013, OPIC reported total assets of USD 8.5 billion, net income of USD 162 million and total commitments of USD 3.9 billion in 102 countries. As of the same year, Wells Fargo reports total assets of USD 1.5 trillion from operations in 36 countries.
By the MicroCapital Team
Sources & Other Resources
OPIC Press Release: http://www.opic.gov/press-
Yes Bank Profile on the MicroCapital Universe: https://www.microcapital.org/
OPIC Profile on the MicroCapital Universe: https://www.microcapital.org/
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