SBI inks pact with Bank of China for business opportunities

The country’s largest lender SBI Tuesday said it has signed a % with the Bank of China to boost enterprise opportunities.

SBI has signed a memorandum of understanding (MoU) with Bank of China (BoC), the 0.33-biggest bank in the world via capital size and one of the fundamental players in the Chinese banking quarter, to enhance business synergies among both the banks, State Bank of India (SBI) stated in a launch.

Through this %, each SBI and BoC will gain direct get admission to their respective markets of operation, it stated.

Both banks’ clients can be capable of using the sizable blended community to increase their businesses abroad.

SBI said it has a branch in Shanghai and BOC is starting its department in Mumbai.

“MoU among the two important banks of the 2 largest and fastest-developing economies of the sector is a welcome step. This MoU will facilitate the clients of both the banks to get admission to banking products and services of every other if you want to result in a jointly beneficial courting,” said Rajnish Kumar, chairman, SBI.

Chen Siqing, chairman of BoC, said the agreement could facilitate the increase of Chinese corporates working in India.

“India is increasingly more making its worldwide presence felt across various landscapes. Partnering with an business enterprise like SBI is strategically vital to us, and we look ahead to contributing to SBI’s increase thru our market information and installed relationships,” the BoC chairman said.