Yes Bank signs term sheet with JC Flowers ARC for sale of distressed loans

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Yes Bank said it had signed a binding term sheet with JCF ARC LLC and JC Flowers Asset Reconstruction for a strategic partnership in relation to the sale of the bank’s identified distressed loans.

“The said term sheet now became effective on July 15, 2022,” the private sector bank said in a statement.

As a result, the bank has decided that JC Flowers ARC will be the base bidder for a proposal to sell an identified stressed loan portfolio of the bank totaling up to Rs 48,000 crore.

In line with the guidelines issued by the Reserve Bank of India, the bank is proposing to launch a transparent bidding process on the basis of the Swiss Challenge for the sale of this portfolio using JC Flowers ARC’s bid as the base bid. .

Yes Bank is a full-service commercial bank offering a comprehensive range of technology-driven digital products, services and offerings aimed at businesses, MSMEs and individuals.

The bank reported a net profit of Rs 367.46 crore in the fourth quarter of FY22 compared to a net loss of Rs 3,787.75 crore in the fourth quarter of FY21. private increased by 21.3% to Rs 5,829.22 crore in the fourth quarter of FY22 compared to the fourth quarter of FY21.

The certificate lost 0.83% to currently trade at Rs 13.19 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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