Financial Daily from THE HINDU group of publications
Saturday, Sep 03, 2005
Financial Daily from THE HINDU group of publications Saturday, Sep 03, 2005 |
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Money & Banking
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Public Sector Banks Syndicate Bank to raise $75 million Our Bureau
Mumbai , Sept. 2 SYNDICATE Bank is raising $75 million through a syndicated loan from the overseas market. The bank is raising $50 million, which will be deployed in the UK as trade finance via its overseas branch in London. The bank will raise another $25 million in Japanese yen, which will be deployed in India as pre- and post-shipment credit to exporters, said a press release from the bank. The release quoted Mr N. Kantha Kumar, Chairman and Managing Director, Syndicate Bank, as saying that the bank is also planning to expand its overseas presence, and will open representative offices in South Africa and Dubai, once it obtains regulatory approval. It is examining opportunities in China, Hong Kong and Singapore, and is discussing new business relationships in West Asia and in the Gulf region, he said.
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