Left to right: Mr. Sridhar Kalpathi, President, IndusInd Bank; Dev Jagadesan, Acting OPIC President and CEO; Mr. Suhail Chander, Head of Corporate and Commercial Banking, IndusInd Bank
WASHINGTON, DC, June 08, 2017 (GLOBE NEWSWIRE) -- The Overseas Private Investment Corporation (OPIC) and IndusInd Bank today executed a finance agreement for a $225 million loan supporting the expansion of the Bank’s micro, small, and medium enterprise (MSME) lending programs across India. At least 25 percent of the proposed facility will support women entrepreneurs and reach previously unbanked populations. This eight-year loan is part of the agency’s commitment to supporting $1 billion in loans to underserved small and medium enterprises in India.
“Fostering access to finance opportunities for women entrepreneurs and MSMEs is important for increasing higher economic output throughout India,” said Acting OPIC President and Chief Executive Officer Dev Jagadesan. “OPIC recognizes the positive impact supporting women entrepreneurs can have in a community. We are proud to partner with IndusInd Bank to expand access to critical financial services.”
Speaking in the occasion, Romesh Sobti, Managing Director and Chief Executive Officer of IndusInd Bank, stated, “This agreement with OPIC will help IndusInd Bank to further enhance our MSME lending franchise, thus providing the impetus to some of the major growth drivers of our economy. This also marks a significant milestone for the Bank as it helps us reach out to a new class of global investors to drive our growth.”
IndusInd Bank, a private bank headquartered in Mumbai, India, reaches MSMEs across broad and diverse industries. MSMEs are an important segment of the Indian economy, but are often constrained by a lack of access to capital. This OPIC loan will support IndusInd Bank in increasing its MSME lending.
Wells Fargo Bank also signed a $20 million finance agreement at the event supporting IndusInd Bank’s MSME lending, which will include at least 25 percent dedicated to women entrepreneurs.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity investment fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.
About IndusInd Bank
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on March 31, 2017, IndusInd Bank has 1200 branches, and 2036 ATMs spread across 683 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included in the NIFTY 50 benchmark index. Recently, IndusInd Bank ranked 13th amongst the Top 50 Most Valuable Indian Brands 2015 as per the BrandZ Top 50 rankings powered by WPP and Millward Brown.
- CRISIL AA + for Infra Bonds program
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- IND AA+ for Senior bonds program by India Ratings and Research
- IND AA for Additional Tier I Bonds program by India Ratings and Research
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Visit us at www.indusind.com
About Wells Fargo Bank
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries and territories to support customers who conduct business in the global economy. With approximately 268,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.