Mumbai: The third largest private sector bank, Axis Bank (formerly UTI Bank) has entered into an agreement with Export Import Bank of Korea (KEXIM) for a credit line of $150 million.
The loan agreement was signed by Shikha Sharma, MD and CEO, Axis Bank and Dr Doongsoo Kim, chairman and president of KEXIM in New Delhi. Dr KIM is also the vice minister in the ministry of strategy and finance, Republic of Korea.
Under the agreement, KEXIM has extended the credit line to Axis Bank, which can be used for re-lending to Korean companies and / or to companies involved in imports from Korea.
The Hong Kong branch of the Axis Bank will be the nodal and supervising branch for these activities. The loans provided by Axis Bank under the scheme could be for maturities up to 14 years.