Syndicate Bank is planning to raise $350 million in the next few weeks via Medium Term Note (MTN) route to fund its London operations. A medium term note is a debt security that usually matures in 5-10 years. The bank’s London branch business grew 33 per cent last fiscal to touch Rs 57,884 crore, up from Rs 43,442 crore in the previous fiscal.
The bank has posted a fall of 30.90% in its net profit at Rs 409.30 crore for the quarter ended March 31, 2014 as compared to Rs 592.34 crore for the same quarter in the previous year. However, total income of the bank has increased by 12.06% at Rs 5357.40 crore for quarter under review as compared to Rs 4780.75 crore for the quarter ended March 31, 2013.
