State Bank of India (SBI), the country's largest bank, plans to raise the remaining $600 million of its $1 billion overseas borrowing programme in June or July to finance its international expansion. | |
| SBI raised $400 million in December through issue of five-year mediun-term notes at 117.5 basis points over corresponding US treasuries. |
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| SBI chairman A K Purwar said the bank wants to raise the balance funds fast as its overseas balance sheet is "expanding well". |
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| The bank is in the process of appointing arrangers to manage the issue, It earlier float was managed by Citigroup, HSBC and Deutsche Bank. |
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| The bank has also received permissions from Indian authorities for establishing a branch in Israel, but is awaiting approval from the Israel government, Purwar said on the sidelines of a conference on diamond. |
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| SBI acquired a 51 per cent stake for $8 million in Mauritius-based Indian Ocean International Bank in February 2005. It has plans to acquire two more banks in Asia and Africa to expand its overseas operations. |
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| SBI, owned 59 percent by the central bank, has some 9,000 branches across India and about 200,000 employees. |
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