State Bank of India (SBI), India’s largest commercial bank, has raised USD 500 million through a three-year syndicated loan facility, via its International Financial Services Centre (IFSC) Gujarat International Finance Tec (GIFT) City branch. The facility is worth USD 400 million, with a USD 100 million greenshoe option. SBI, on the other hand, did not provide pricing information. The SBI’s Gift City branch has raised its first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan.
- With this, SBI has taken another major step in promoting IFSC Gift City as an international financial hub, with its Gift City branch becoming the largest in the IFSC.
- The substantial footprint SBI has established in offshore financial markets has facilitated the successful execution of syndicated loans at such fine pricing.
- The joint lenders of the offering are MUFG, Bank of America, and JP Morgan, with First Abu Dhabi Bank serving as the facility agent.
Important takeaways for all competitive exams:
- SBI Chairman: Dinesh Kumar Khara;
- SBI Establishment: 1955;
- SBI Headquarters: Mumbai, Maharashtra.