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SBI enters social loan market; raises $1 bln from overseas markets

Prashant Dwivedi by Prashant Dwivedi
March 1, 2023
in BFSI, Enterprise
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State Bank of India on Tuesday said it has concluded a landmark USD 1 billion syndicated social loan, making it the largest ESG loan raised by a commercial bank in the Asia Pacific market. In a statement, the bank said the loan is of USD 500 million of primary issue and an equal amount in greenshoe option. It is also the maiden such issuance from the nation’s largest lender.

The deal is the largest ESG (Environmental, Social and Governance) loan by a commercial bank in the Asia Pacific and the second largest social loan globally, it added.

The issue got overwhelming participation from banks across Taiwan, Japan, China, and the Middle East ensuring a full subscription, including USD 500 million of the greenshoe option. At current exchange rates, USD 1 billion is worth more than Rs 8,200 crore.

The transaction is significant for SBI and the domestic ESG financing market since it is the largest ESG loan by a commercial bank in the region. It is the maiden social loan from the bank and also the first syndicated loan in the past five years.

The bank said the issue was arranged by MUFG Bank, and Taipei Fubon Commercial Bank.

SBI Chairman Dinesh Khara said the bank is committed to conducting its business operations with the highest standards of ESG practices.

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Source: Economic Times
Tags: bfsiloanrbiSBI
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Dr. Bhagwat Karad launches a book on Cyber Security

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