SBI, to raise funds to expand overseas

Reported by: |Updated: January 10, 2018

State Bank of India is expected to raise around Rs 12,700 crore for its overseas expansion, which it has scheduled over the next two years. The bank is expected to come out with public offer and/or the issue of bonds in US dollars or any other convertible currency. The executive committee of the bank’s central board has approved the long-term fund-raising in single/ multiple tranches. According to C. Venkat Nageswar, DMD of the bank, the bank is expected to raise resources at relatively cheaper rates as Moody’s had upgraded India’s sovereign rating by a notch in November 2017. SBI has around 195 foreign offices in 36 countries. Its total overseas revenue in FY17 was Rs 10,683 crore.