New Delhi, July 30: YES BANK, India’s fourth largest private sector Bank has signed a comprehensive business agreement with Shinsei Bank Ltd to co-operate on information-sharing and business development, syndications, lending, investment banking, trade finance, remittances, treasury operations among other areas.
The two banks had signed a memorandum of understanding in November 2011.
Indian bank said in a statement that by expanding the scope of the alliance the bank would further strengthen its support for Japanese institutional customers looking to enter the Indian market and at the same time support Indian clients focusing on Japan related businesses.
The alliance is expected to help in further augmenting trade and investment flows between the key economies of Asia.
Both the bank now will be able to leverage their combined expertise, strong local knowledge and excellent corporate relationships offer whole gamut of banking services to clients.
Speaking on the development, Rana Kapoor, MD& CEO of YES BANK said, “The India-Japan corridor for trade & investments has undergone significant and this alliance with Japan’s Shinsei Bank furthers our commitment towards this business corridor."
"Through our knowledge banking initiatives and advisory services, we look forward to exploring further opportunities for cross–border trade and investment," added Kapoor.
Kapoor expressed hope that this partnership will enable them to provide enhanced banking support and economic and business intelligence to Japanese and Indian corporations seeking business opportunities in either of the countries.
Shinsei Bank has total assets of 8.6 trillion yen (US$105.0 billion) on a consolidated basis at the end of March 2012 with branch network across Japan.