State Bank of India (SBI), the country’s largest commercial bank, through its IFSC GIFT City branch has raised $500 million in syndicated lending facility for a period of three years.
SBI Managing Director Ashwini Kumar Tiwari said, “The launch of the syndicated loan at such a good value reflects the kind of reputation SBI has built for itself in the offshore financial markets by enabling it to raise funds efficiently.
Another important step taken by us to promote IFSC GIFT City as an international financial hub amidst the turmoil in the markets due to geopolitical tensions and rate hike stance by the US Federal Reserve and other central banks of the world is.”
MUFG, Bank of America and JP Morgan were the joint lenders to the offering.
At the same time, Fist Abu Dhabi Bank acted as the facilitation agent.