Union Bank Of India Secures $500 Mn From Foreign Markets For Global Expansion

Union Bank of India announced on Wednesday that it has successfully raised USD 500 million (approximately Rs 4,200 crore) from foreign markets to support its expansion initiatives abroad. The funding arrangement was facilitated by the Dubai International Financial Centre (DIFC), Dubai Branch, as disclosed in a regulatory filing by Union Bank of India.

The raised funds constitute a syndicated term loan of USD 500 million, with USD 400 million allocated initially and an additional USD 100 million as part of a Green Shoe option. The loan will be disbursed in two tranches, each with a tenure of 3 and 5 years, respectively. The first tranche of USD 100 million was drawn on the same day of the announcement.

This marks Union Bank of India's inaugural syndicated term loan raised at an overseas center, reflecting its strategic approach to diversifying its funding sources and supporting its global expansion endeavours.