IndusInd Bank raises $50mn

IndusInd Bank today got a $50 million credit line from Wachovia Bank.

"The funds under this credit line will be utilised for providing trade related financing. The arrangement also cuts the lead time for fund availability generally associated with loan syndications," said Moses Harding, executive vice president and head of wholesale banking group, Indusind Bank.

IndusInd Bank has representative offices in Dubai and London, and has entered into strategic alliances with Union National Bank in the UAE and Doha Bank in Qatar. The bank also has arrangements with sixteen exchange houses in UAE, Kuwait, Bahrain, and Oman to provide convenient, cost-effective, and quick fund transfer facilities to non-resident Indians.