Country’s largest lender— State Bank of India (SBI) and Spain’s CaixaBank have signed an agreement to provide financial support to Indo-Spanish joint ventures (JVs) and local enterprises. The MoU has been inked to bolster business synergies.
The MoU is also been seen as a step to further consolidate relations with Spain.
“They will expand banks’ guarantee transaction businesses by jointly providing credit to Indian-Spanish joint ventures and Indian local enterprises,” an SBI statement said, adding the banks will also cooperate through introduction of business opportunities and partnering on possible infrastructure funds.
The duo will collaborate in areas of mutual interest such as syndicated loan business, guarantee transactions, trade finance and export credit agency finance, infrastructure finance and networking services, among others.
CaixaBank’s Executive Vice-President, International Banking, Victoria Matia and SBI’s Chief General Manager Sujit Kumar Varma signed the agreement.