Mumbai, Oct 08: Bank of Baroda's London branch has raised $140 million, $40 million more than original size of issue, to expand its operations including extend loans to Indian and multinational companies. There was an overwhelming response to the issue whose original size was pegged at USD 100 million, BOB said in a release here on Tuesday.
"The loan is of one year tenure and funds were raised at rate of 0.45 basis points above London-Inter Bank Offered Rate (LIBOR)", BOB general manager (Treasury) A S Khurana said.
These funds would be used to expand London branch operations especially in the area of loan syndication and foreign currency loans to the Indian and MNCs, Khurana said.
The state-owned bank has set up an exclusive cell in international division at corporate office in Mumbai to arrange foreign currency loans for the Indian corporates, the release added. Bureau Report