SBI to raise $1.5 billion by issuing bonds

Country's largest lender SBI today said it will raise long-term capital of up to USD 1.5 billion (over Rs 10,000 crore) by issuing bonds in US dollar or other convertible currency.
SBI said in a BSE filing that the decision is the outcome of the executive committee meeting of the Board today.
The Executive Committee of the Central Board in its meeting held on June 29, 2016, has approved "to raise long term funds up to USD 1,500 million in single/multiple tranches", SBI said in the filing.
It said the fund raising will take place through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency during the current financial year 2016-17.

SBI is targeting customer base of 5,000-6,000 and Rs
55,000 crore of asset under management by the end of current fiscal, Bhattacharya said.

Regarding increase in the network exclusively for this product, she said: "We will be launching it in Mumbai in the next 15 days and we will have 37 such centres by the end of current fiscal."
To ensure high quality of services, the Bank has ensured that Relationship Managers and investment experts have significant prior experience and also have undergone extensive training with leading global institutions.
Further, customers will have access to the best products across categories from market leading institutions, as the Bank has introduced an open platform - not restricting the customers to choose from few specific institutions.