YES Bank, JC Flowers in pact for ARC in bid to seal largest ever NPA deal

YES Bank JC Flowers in pact for ARC in bid to seal largest

Yes Bank said it has 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 stressed loans.

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

Accordingly, the bank has decided that JC Flowers ARC will be the primary bidder for the proposed sale of the bank’s identified stressed loan portfolio aggregating up to Rs 48,000 crore.

As per the guidelines issued by the Reserve Bank of India, the bank proposes to launch a transparent bidding process on a Swiss Challenge basis for the sale of such a portfolio using the JC Flowers ARC bid as the base bid.

Yes Bank is a full-fledged commercial bank providing a complete range of products, services, and technology-driven digital offerings catering to corporate, MSME, and retail customers.

The bank reported a net profit of Rs 367.46 crore in Q4 FY22 against a net loss of Rs 37,87.75 crore reported in Q4 FY21. The private bank’s total income rose 21.3% to Rs 58, 29.22 crores in Q4FY22 over Q4FY21.

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