SBI has signed a memorandum of understanding (MoU) with Bank of China (BoC), third-largest bank in the world by capital size and one of the major players in the Chinese banking sector, to enhance business synergies between both the banks, State Bank of India (SBI) said in a release.
Through this pact, both SBI and BoC will gain direct access to their respective markets of operation, it said.
Both banks’ clients will be able to use the vast combined network to expand their businesses abroad.
SBI said it has a branch in Shanghai and BOC is opening its branch in Mumbai.
“MoU between the two major banks of the two largest and fastest-growing economies of the world is a welcome step. This MoU will facilitate the clients of both the banks to access banking products and services of each other, which will lead to a mutually beneficial relationship,” said Rajnish Kumar, chairman, SBI.
Chen Siqing, chairman of BoC, said the agreement would facilitate the growth of Chinese corporates operating in India.
“India is increasingly making its global presence felt across various landscapes. Partnering with an organisation like SBI is strategically important to us, and we look forward to contributing to SBI’s growth through our market expertise and established relationships,” the BoC chairman said.