by Suman Gupta
Mumbai, January 04, 2024: State Bank of India, the country’s largest lender, has announced the conclusion of successful placement of USD 250 million senior unsecured Green floating rate notes, referred to as “The Green Notes.” This issuance, maturing on December 29, 2028, is part of SBI’s USD 10 Billion medium-term note program and was conducted through a private placement facilitated by its London branch. The Green Notes rated BBB- by S&P, were issued on a floating rate basis of 1.20% above SOFR and has been listed on the India International Exchange.
Continuing its commitment towards sustainable development, proceeds will be allocated to eligible green projects according to the Bank’s ESG Financing Framework.
Commenting on the occasion, Mr. Dinesh Khara, Chairman, SBI said “The successful placement is testimony to SBI’s commitment towards its sustainability objectives in creating a positive impact on the environment. Green banking and sustainability have long been areas of priority, Towards this end, SBI has enunciated its ESG framework earlier this year. Issuance of green bonds is one of the steps towards building up a green portfolio.”
MUFG acted as the sole green note coordinator and placement agent for this placement.
About State Bank of India: State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home-buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 6.72 lakh crore. As of September 2023, the bank has a deposit base of over Rs. 46.89 lakh crore with CASA ratio of 41.88% and advances of more than Rs. 34.11 lakh crore. SBI commands a market share of 27.4% and 19.3% in home loans and auto loans respectively. SBI has the largest network of 22,400+ branches and 65,600+ ATMs / ADWMs in India with 79,647 BC outlets. The number of customers using internet banking and mobile banking stand at 122 million and 107 million respectively. With SBI’s digital strategy right on track – the bank witnessed 61% of new savings accounts being opened through the integrated digital and lifestyle platform YONO in Q2FY24. YONO, which has more than 70 million registered users, witnessed 36 lakh new YONO registrations in Q2 FY24. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 7,489 crores through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.
