TOKYO -- The Resona group has partnered with India's Yes Bank to better serve smaller Japanese companies operating in the subcontinent.
Resona Holdings' three units -- Resona Bank, Saitama Resona Bank and Kinki Osaka Bank -- had signed partnership agreements with the commercial bank by Tuesday.
Established in 2004, Yes Bank operates 750 branches across India and had total assets of 1.65 trillion rupees ($24.7 billion) at the end of March. It is strong in retail banking and services to small and midsize businesses. Its "Japan desk" highlights its eagerness to serve Japanese companies.
Through Yes Bank, the Japanese banking group will lend rupees for capital investment and offer such services as account settlement and domestic remittance.
Resona already works with India's banking leader, the State Bank of India, but this framework mainly serves large companies. With the Indian economy seen growing 7.5% in 2016 and 2017, according to the International Monetary Fund, Japanese businesses are increasingly eager to set up shop in the South Asian country.