State Bank of India launches new facility for property developers . . . . reports Asian Lite News
Top officials at the State Bank of India (SBI) have launched a specialist finance product to fund major property development schemes. At a joint event, in its freshly inaugurated Manchester office, alongside leading law firm Slater Heelis LLP, the State Bank of India (SBI) briefed property developers about a new facility to help them close deals more quickly.
The facility enables developers to pledge existing property security to gain access to a credit line that allows fast cash drawdown’s. It means that as soon as an opportunity is identified, the funds can be immediately released to complete a deal without delay.
Sunil Mohindra, partner at Slater Heelis LLP, said: “Manchester is firmly on the radar in India as one of the best places in the world to do business. It’s a tribute to the success of local property developers we have here and the strategic planning of the City Council which sees that schemes proposed in Manchester are looked upon favourably by the banks.”
Sanjiv Chadha, Regional Head for the UK at State Bank of India, said: “We’re very much open for business. We’re committed to offering fast, flexible and fair financing terms for developers.”
State Bank of India is one of the leading public sector banks with government ownership of 58.6% and is a Fortune 500 company with origins going back to June 1806. Established in the UK since 1921, State Bank of India was ranked 149th in The Forbes list of Global 2000 firms in May 2016. The bank’s core values are to always be honest, transparent and ethical in all its business.
It has assets of more than USD 300 billion and more than 16,000 branches across the world, making it the largest Bank in India by assets.