SBI eyes deal finance on home turf as Indian banks may get an entry

Having financed India Inc.’s overseas buyouts for long, State Bank of India (SBI) sees itself ready to underwrite mergers and acquisitions (M&As) at home, as the Reserve Bank of India (RBI) considers opening that door for domestic lenders.

- Subhana Shaikh

“We have been doing outbound M&A financing with Indian corporates acquiring overseas entities. Banks like SBI are well-versed with acquisition financing,” C.S. Setty, chairman of the country’s largest lender, told reporters on the sidelines of the Global Fintech Fest in Mumbai on Wednesday.

On Tuesday, Axis Bank's managing director and chief executive officer Amitabh Chaudhry said his bank intends to not just participate but to give the foreign banks, who have been financing these acquisitions for the several years, “a run for their money.”