Syndicate Bank gets a bilateral loan worth $100 million

Syndicate Bank has said in a statement that they have signed on an agreement with Wachovia Bank NA to get a bilateral loan worth $100 million.

They would be getting this money in two-three tranche and would use it to grow its London branch’s business.

The agreement was signed on December 15 in Hong Kong. C P Swarnkar, chairman and managing director, Syndicate Bank spoke about this development: “We had a line of credit with Wachovia Bank and we decided to replenish it. We are witnessing a good growth in our London branch and wish to draw the money in parts to meet our funding requirements for expanding business there.”

He further said that their London branch accounted for around 8 per cent of the bank’s total business. It is growing at an impressive pace at around 35% a year.

Charles Silverman, managing director and head of Wachovia’s Indian sub-continent and Southeast Asia business added: “Our commitment to Syndicate Bank and India is clearly demonstrated in this facility, and we are proud to contribute to this important initiative.”