SBI enters social loan market, raises $1 billion overseas

State bank of India (SBI) announced the completion of a $1-billion Syndicated Social Loan Facility on February 28.

The issuance witnessed overwhelming participation from banks across Taiwan, Japan, China, and the Middle East, ensuring full subscription, including 500 Mio (1 Mio = $0.000020) of the greenshoe option, a release said.

The $1-billion facility was arranged through MLABs, MUFG Bank, and Taipei Fubon Commercial Bank Co Ltd.

The lender said in a release that this syndicated transaction is significant for the SBI and the Indian ESG financing market since it is the largest ESG loan by a commercial bank in the Asia Pacific and the second-largest social loan globally.

Additionally, this is the bank's inaugural social loan and the first syndicated loan in the past five years.