Yes Bank to kind ARC with JC Flowers to promote Rs 48,000 crore of dangerous loans

Yes Bank has chosen JC Flowers ARC as companion to kind an asset reconstruction firm to promote dangerous loans of the financial institution valuing Rs 48,000 crore.

The lender stated it has signed a binding time period sheet with JCF ARC LLC and JC Flowers Asset Reconstruction Pvt Ltd (JF Flowers ARC) for strategic partnership in relation to sale of recognized burdened loans of the financial institution.

Having subsequently fulfilled the requisite pre-conditions, the time period sheet has turn into efficient from July 15, 2022, Yes Bank stated in a regulatory submitting on Friday.

“Accordingly, the bank has decided that JC Flowers ARC will be base bidder for a proposed sale of an identified stressed loan portfolio of the bank aggregating to up to Rs 48,000 crore,” it stated.

As per Reserve Bank of India tips, Yes Bank stated it proposes to run a clear bidding course of on Swiss Challenge foundation on the market of such portfolio utilizing JC Flowers ARC’s bid as the bottom bid.