Mumbai: Citigroup has concluded the syndication of a $250 million foreign currency loan for State Bank of India, setting a new benchmark for syndicated loan transactions out of India. Citigroup was joined by BNP Paribas and Calyon as mandated lead arrangers. A total of 12 banks from 8 countries form the syndicate of lenders.

"This is the largest borrowing by any bank in the recent past and has been priced very finely to set a new benchmark for State Bank of India. This transaction is reflective of SBI''s pre-eminent position, strong financials, and growth prospects," said Sanjay Nayar, CEO, Citigroup India. "The success of the transaction is also a testimony of the positive outlook foreign lenders continue to have on India''s growth prospects."

During the last 9 months, Citigroup has closed six one-year syndicated loan deals for Indian financial institutions (IFIs) / banks with facility size aggregating $720 million for customers. Citigroup has also completed a US$ 300 million international bond for IDBI in volatile market conditions.

Nayar added, "Citigroup will continue to deliver quality and cost effective solutions to its customers across private sector companies, public sector enterprises, IFIs and Government of India-owned nationalised banks as it plays a lead role in arranging overseas syndicated funding for these entities."