The State Bank of India on Monday announced that it has raised $500 million through its IFSC Gift City branch. According to the statement released, this is the first offshore USD Secured Overnight Financing Rate linked syndicated loan raised by SBI through its Gift City branch.
Ashwini Tewari, Managing Director of State Bank of India said, “The successful launch of the syndicated loan at such a fine pricing demonstrates the kind of reputation SBI has created for itself in offshore financial markets allowing it to efficiently raise funds even during ongoing turbulence in the markets caused by geopolitical tensions and rate hike expectations by US Federal Reserve and other central banks across the globe.”
The release states that it is an important step toward the bank’s pledge to develop IFSC City as an international financial hub.
