Indian Bank needs $500M for Lanka, Singapore and HK operations

Indian Bank will raise a loan of up to $500 million for its overseas operations.

This was annoinced by the bank's chairman and managing director T.M. Bhasin, according to Yahoo News.

'The bank board has approved raising up to $1 billion medium term loan. We have conducted the road shows. We will be raising anything between $350-$500 million in the first tranche,' Bhasin said.

Bhasin explained said that the loan funds will be used for funding their overseas branches in Sri Lanka and Singapore. The bank's there will go up to Rs.2,250 crore.'

Executive director Rajeev Rishi said the bank plans to have a branch in Hong Kong and three more branches in Sri Lanka.

'We will have around six branches in Sri Lanka. India's assistance for the rehabilitation of Sri Lankan Tamils will be routed through our bank,' he said.

Rishi said the bank is chalking out a new strategy for its merchant banking subsidiary while winding up its housing finance and mutual fund subsidiaries.

Also Read

Krungthai Bank to temporarily shutter Thepprasit Road (Pattaya) branch

Thailand’s Krungthai Bank temporarily closes two branches

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia