To enable strong economic collaboration between two countries, nations largest lender State Bank of India has opened its first branch in South Korea, informed an official.
The Seoul branch is expected to play an important role in strengthening economic partnership between the two nations, said Managing Director B Sriram in a statement.
The nationalised bank has over 135 branches across many geographies, marking a large presence in foreign markets among domestic banks.
The branch will offer a range of services to corporates in trade finance, bilateral and syndicated loans and corporate deposits etc, apart from retail banking.
SBI’s decision to open a branch in Seoul follows from the continuous and significant increase in trade following the Comprehensive Economic Partnership Agreement, which was signed between New Delhi and Seoul in 2009.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
