SBI Signs an Agreement with Bank of China to Broden Business Opportunities
One of the largest lenders of our country, State of India inked a pact with the Bank of China to build a combined network for expanding their business abroad. A memorandum of understanding (MOU) was signed by SBI with Bank of China, the third largest bank in regard to the capital size and one of the leading banks in the Chinese banking sector, to boost business synergies between both the banks.
Due to this pact, State Bank of India and Bank of China will get direct access to the markets of their concern. Furthermore, both the banks will get an opportunity to use the combined network of clients to boost the business abroad. SBI stated that they have a branch in Shanghai and BOC will be opening a branch in Mumbai. Memorandum of understanding between the two fastest growing economies of the world is a welcome step. This agreement will facilitate the clients of both SBI and BOC to access the banking services and products of each other. That will further lead to a relationship benefitting both the organizations, stated by Chairman of SBI, Rajnish Kumar.
The Chairman of the Bank of China, Chen Siqing said, "India is increasingly making its global presence felt across various landscapes. Partnering with an organization like SBI is strategically important to us, and we look forward to contributing to SBI's growth through our market expertise and established relationships".