A recent press report said that syndicate bank has raised $500 million through a medium-term notes issue. The bank has planned to use these funds for “build-up of assets” at its London branch, which is the bank’s first ever international bond issuance.
The bond was issued at a fixed coupon rate of 4.75 per cent. The issue witnessed strong investor interest and resulted in an order book exceeding $2.5 billion from over 200 accounts. The 5.5-year transaction was priced at T+285 basis points. The bank has received capital infusion of Rs 633 crore from the Government of India. The capital adequacy ratio stood at 11.74 per cent, of which, tier-I capital constituted 7.84 per cent but this does not include retained profits accrued during the year, the official pointed.
The progress of the bank has been synonymous with the phase of progressive banking in India. It offers number of varied products under Deposits, Advances, loans such as home loan, personal loan, business loan etc to suit the needs of all types of customers.
The bank officials said that the bank has a comfortable capital adequacy ratio with addition to the net profits and the recent capital infusion and have no plans of going in for capital issues.