SBI has planned to raise $5-billion overseas

By Pradeep Yuvaraj | June 9, 2011

A recent report said that State Bank of India (SBI) has planned to raise overseas debt of $5 billion this fiscal through the medium term note (MTN) route.

Mr. Pratip Chaudhuri, Chairman, SBI, said that the timing and the number of tranches for the fund-raising will be based mainly on the on credit growth in the domestic market. He said that the bank a total objective of $5 billion at present and in case there is demand for assets then it will go in to raise money.

He added saying that SBI could tap the overseas markets for the MTN transaction in the second or third quarter of this fiscal and that the bank was looking to raise offshore debt of $ 3-4 billion in 2011-12.

Mr. Chaudhuri also said that SBI will not finance realty projects that are mired in land acquisition disputes.

The country’s largest lender has now dropped its teaser loans, it has recently revised is lending rates which has made its loans such as home loan, personal loan, auto loan etc costlier.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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