HDFC Bank and state-owned Bank of Baroda have collectively raised $1.5 billion from the overseas loan market to strengthen their funding base and support business growth.
HDFC Bank raised $1 billion through a foreign currency loan with a tenor of about three-and-a-half years, while Bank of Baroda secured $500 million via a five-year facility. The borrowings witnessed participation from several global lenders, including MUFG and HSBC.
The overseas fundraising comes at a time when Indian banks are increasingly tapping international markets to diversify their funding sources and take advantage of favourable borrowing conditions. Bankers said such borrowings help improve liquidity and provide flexibility in managing asset growth.
The funds are expected to be utilised to meet lending requirements across retail and corporate segments as credit demand remains healthy.
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