State Bank of India (SBI) Completes $1 Billion Syndicated Social Loan Facility
On February 28, State Bank of India (SBI) announced the completion of a $1 billion Syndicated Social Loan Facility. The loan included $500 million with a greenshoe of $500 million. The issuance was met with enthusiastic participation from banks in Taiwan, Japan, China, and the Middle East, ensuring full subscription, including 500 Mio of the greenshoe option.
According to SBI Chairman Dinesh Khara, “Issuance of our first social loan is an embodiment of our commitment to ESG driven by our belief that our long-term success depends not only on our financial performance but also on our ability to make a positive impact on the environment, on society, and on our stakeholders.”
The $1 billion facility was arranged through MLABs, MUFG Bank, and Taipei Fubon Commercial Bank Co Ltd. MUFG and Taipei Fubon Commercial Bank acted as Joint Social Loan Coordinators, while MUFG was the Lead Social Loan Coordinator for this transaction.
SBI noted that this syndicated transaction is significant for both the bank and the Indian ESG financing market since it is the largest ESG loan by a commercial bank in the Asia Pacific and the second-largest social loan globally. Additionally, this is the bank’s inaugural social loan and the first syndicated loan in the past five years.
This announcement underscores SBI’s commitment to ESG, and it paves the way for other banks to participate in similar transactions. With this step, SBI is leading the charge towards more sustainable and responsible financing practices, creating a positive impact on the environment, society, and stakeholders.
About SBI Bank:
State Bank of India is a Fortune 500 company. It is an Indian Multinational, Public Sector banking and financial services statutory body headquartered in Mumbai. It is the largest and oldest bank in India with over 200 years of history.
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