State Bank of India, (SBI), India’s largest bank announced the opening of its first branch in Seoul, South Korea. Branch was inaugurated by Mr. B. Sriram, Managing Director, SBI.
The Branch is expected to play an important role in strengthening economic partnership between Korean and Indian companies. The Branch shall offer a range of services to corporates in trade finance, bilateral and syndicated loans, and corporate deposits etc. The Branch shall also reach out to retail customers through offerings of savings and current account facilities, term deposits and remittances.
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 Korea and India in 2009. SBI also recognizes the importance of the Korean economy as there is much to learn from Korea; among the larger OECD economies Korea is one of the most resilient economies that has weathered the recent turmoil in global financial and economic environment.
Speaking on the occasion, Mr. B. Sriram, Managing Director, SBI, said “Our extensive experience in supporting Indian corporates in their foreign endeavors and global corporates in their expansion into India as well as in other markets shall be the primary value proposition for our business relationships in Korea.”