Leading the pack in Infrastructure Investor’s first quarter 2011 league table is State Bank of India (SBI), which acted as mandated lead arranger on deals worth more than a combined $1.4 billion during the period, handing the bank a global market share during the three months of more than 8 percent (see www.iiassets.com).
UK-based HSBC takes second place in the table, having led deals worth more than $1.1 billion, with Italy’s UniCredit in third place, having led deals worth $922 million. Fourth and fifth places were taken by France’s Societe Generale and Germany’s WestLB respectively.
SBI is joined in the top ten by three Indian rivals: Punjab National Bank (seventh), Bank of Baroda (ninth) and Canara Bank (tenth).
The prominence of the Indian banks was strongly influenced by India’s 3G Mobile Communications Expansion Project, a greenfield project finance deal involving the rollout of a 2G, 3G and Broadband Wireless Access (BWA) network. All four of the banks committed major loans to this deal in the first quarter with SBI lending $894 million, Punjab National Bank $670 million, Bank of Baroda $559 million and Canara Bank $514 million.
During the first quarter SBI also lent more than $245 million to the Mahan Aluminium Project, involving the construction of an aluminium smelter and captive thermal power plant in Madhya Pradesh; and $68.5 million to Phase I of the Hyderabad Metro Rail Project, which sees the construction of more than 71 kilometres of elevated metro rail in three corridors criss-crossing the city of Hyderabad.
BNP Paribas, the French bank which topped our MLA table for the whole of 2010, lending almost $5.3 billion, has declined to confirm any 2011 figures until June.