Bank, UTI Bank to co-finance exports
12 December 2001
Export-Import Bank of India (Exim Bank) and UTI Bank have signed a
memorandum of understanding (MoU) to co-finance exports and
export-oriented companies, as also for providing value-added
services to support the internationalisation efforts of small- and
medium-sized externally-oriented companies.
As per the MoU, the institutions have agreed to jointly provide
export credits and loans to exporter customers who are consistent
with their respective operational policies and procedures and to
offer available information and advisory services to assist
corporate clients seeking to create and enhance their
international presence through exports.
They will also assist technology and investment tie-ups and
cooperate in promotional activities, including exchange of
information relating to business and investment opportunities,
organising seminars and workshops and exchange of faculty.
Exim Bank, with its overseas offices and institutional linkages
with multilateral institutions, export-credit agencies, foreign
banks, and trade and investment promotion agencies in more than 28
countries, has in place a global network for promotion of India’s
international trade and investment.
Exim Bank’s range of financing programmes cover import of
technology, strategic export marketing, equipment finance, project
finance and overseas investment finance, including equity
investments in Indian ventures overseas. Its joint venture
company, Global Trade Finance, offers export-factoring services.
UTI Bank has a network of 116 branches and extension counters,
which offer both working capital and term-loans to its exporter
customers. The bank also has a strong network of 411 ATMs across
47 cities and towns in the country. Its branches offer a full
range of services in corporate, retail and international banking,
treasury management, and merchant and investment banking.
For the half-year ended 30 September 2001, UTI Bank’s total
income increased by 67 per cent yoy to Rs 733.53 crore. Its net
profit was Rs 56.32 crore, up from Rs 35.17 crore for the first
half of the previous year, representing a 60-per cent rise yoy.
of reports on Exim Bank