India’s largest lender State Bank of India (SBI) has announced that it has entered into a partnership with Bank of China to improve business opportunities. The release by SBI stated that both banks have signed a memorandum of understanding (MoU) to boost business synergies with each other.
Bank of China is the third largest bank in the world in terms of capital size, and it is one of the major players in the Chinese banking sector. Under this partnership, clients of both banks will have access to the combined networks of both banks. This will be highly useful to clients who wish to expand their businesses to other markets. Moreover, both banks will have access to the operations of each other in their respective markets.
SBI has already opened a branch in Shanghai. To facilitate the transactions even further, Bank of China will open a new branch in Mumbai. Under this agreement, both banks are looking forward to developing a mutually beneficial relationship.
Chen Siqing, Bank of China’s Chairman, stated that Chinese corporates operating in India would benefit from this partnership. He noted that this partnership is a strategically important one for both banks. He added that Bank of China will contribute to SBI’s growth through its strategic partnerships and expertise in the banking industry.
SBI Chairman, Rajnish Kumar, stated that this agreement between two of the top banks in the world’s fastest-growing economies is a major step. He also stated that this agreement will develop a mutually beneficial relationship by providing customers with easy access to the services and products of both banks.
Source: Economic Times