Syndicate Bank will raise $350 million in the next few weeks through the medium term note route to fund its London operations.
“We will be appointing advisors for the issue next week and launch roadshows in the second half of the month. We are going for the MTN issue as we will be able to raise relatively cheaper funds,” M Anjaneya Prasad, Executive Director, said.
A medium term note is a debt security that usually matures in 5-10 years.
The bank’s London branch business grew 33 per cent last fiscal to touch Rs 57,884 crore, up from Rs 43,442 crore in the previous fiscal.
On its overseas plans, Prasad said the bank was looking at opening branches in South Africa, Dubai Financial centre, Hong Kong, Thailand and China. “We have already completed our survey in Dubai and will approach the RBI for approval next quarter. We hope to have our second overseas branch (after its London unit) sometime in 2015-16,” he told media persons here today.