Money & Banking

South Indian Bank raises ₹490 cr via private placement

Our Bureau Kochi | Updated on January 09, 2018 Published on November 29, 2017

South Indian Bank has announced the successful fund raising of ₹490 crore by way of private placement of Basel-III compliant Tier-2 bonds.

Besides augmenting Tier-2 capital, this exercise would further strengthen the capital adequacy ratio or the capital to risk-weighted assets ratio (CRAR) position of the bank to support the targeted business growth.

The capital position of SIB as on September 30 was 11.74 per cent, which is well above the minimum required level of 10.25 per cent.

VG Mathew, MD and CEO of South Indian Bank, said: “The infusion of fresh capital would improve the CRAR by 108 basis points, which will take care of the capital requirement for the coming year at the targeted business growth of 18 per cent.

Published on November 29, 2017
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