SBI picks BofA, Deutsche Bank for $2-bn offering

SBI seeks capital to bolster loan growth after reporting fourth-quarter profit more than doubled

State Bank of India (SBI), the country’s largest lender by assets, picked Bank of America Corp and Deutsche Bank AG to arrange a share sale that could raise about $2 billion, people with knowledge of the matter said.

The lender also chose IIFL Holdings, Kotak Mahindra Bank, JM Financial and SBI Capital Markets to work on the offering, according to the people, who asked not to be identified because the information is private. SBI aims to start the share sale as soon as next month, the people said.

SBI, whose origins date back more than two centuries, is seeking capital to bolster