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SBI planning to take loan of 1.25 billion dollars, will be the biggest bank loan of 2024 –

by Aaryan Srivastav
November 15, 2024
SBI planning to take loan of 1.25 billion dollars, will be the biggest bank loan of 2024 - India TV Hindi

Photo:REUTERS Transaction will be done from Gujarat’s Gift City branch.

The country’s largest government bank SBI is planning to take the biggest bank loan of this year. State Bank of India is preparing to take a loan of $ 1.25 billion, which will be the largest dollar-denominated loan of India’s financial sector this year. CTBC Bank, HSBC Holdings Plc and Taipei Fubon Bank are arranging the 5-year loan, with an interest margin of 92.5 basis points at a risk-free secured overnight financing rate, Bloomberg reported, people familiar with the matter said.

Transaction will be done from Gujarat’s Gift City branch.

India’s top lender is raising the facility for general corporate purposes through its branch in Gujarat International Finance Tech-City (GIFT City), the country’s newest financial centre, people familiar with the matter said. He said that this big deal is being syndicated with other financiers. However, State Bank of India has not responded to Bloomberg’s question on this matter. According to reports, State Bank of India has joined several other local borrowers in raising foreign currency debt this year. Non-banking finance companies, or so-called shadow banks, have increasingly used dollar-denominated facilities amid tight regulations, especially at the local level.

State Bank of India had also taken a loan of 750 million dollars in July.

Cholamandalam Investment and Finance Company is the latest non-banking finance company in India to receive a $300 million syndicated term facility. On the other hand, local financier Union Bank of India’s Sydney branch is marketing a three-year loan of A$125 million ($81 million), while Bank of Baroda is raising a borrowing of A$750 million. India’s dollar loan volume has declined by 27% this year to $14.2 billion due to non-borrowing by big companies. In July, State Bank took a 3-year loan of $750 million.

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