State-owned Syndicate Bank has raised $500 million through bonds to fund its overseas business growth. These bonds with maturity period of 5.5 years carry a coupon rate of 4.125% per annum payable semi-annually in arrears. Through this funds company plans to expand its London branch operations functioning since 1976.
The services rendered at its London branch include corporate lending, participation in syndications, handling Letters of Credit and Guarantees transactions, trade finance, NRI services, ECBs and international treasury services.
The bank has posted a rise of 43.48% in its net profit at Rs 463.37 crore for the quarter ended September 30, 2012 as compared to Rs 322.94 crore for the same quarter in the previous year. Total income has increased by 13.22% at Rs 4546.33 crore for quarter under review as compared to Rs 4015.64 crore for the quarter ended September 30, 2011.
