The Hindu : Business : SBI's first full-fledged branch in China

Online edition of India's National Newspaper
Thursday, Aug 10, 2006

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SBI's first full-fledged branch in China

SHANGHAI: State Bank of India (SBI) on Wednesday became the first Indian bank to begin full-fledged opeartion in China by opening a branch here.

"Being India's largest bank, it is only befitting that SBI should be the first Indian bank to open a branch in mainland China,'' SBI Chairman O. P. Bhatt said at a reception held here in China's largest city and commercial hub.

Noting that India-China bilateral trade and investment opportunities had rapidly risen to record levels since 1997 when SBI established its Representative Office (RO) here, Mr. Bhatt said the bank was confident of operating in the huge Chinese market, which was opening up to foreign competition and expansion.

"The opening of the Shanghai branch would go a long way in facilitating trade and investment flows between our two great nations,'' he said.

"As India's largest banking group with over 14,000 branches having an asset size of $157.19 billion and over 66 group companies, SBI is a veritable financial supermarket providing a whole range of services,'' Mr. Bhatt said at the reception attended by senior Chinese business executives and the Indian business community in Shanghai.

SBI in China was now in a position to offer one-stop solutions to the Indian business community's specific banking requirements and can offer tailor-made solutions. The Shanghai branch would also facilitate investment into China and help international trade transactions, CEO of SBI, Shanghai Branch, T. C. A. Ranganathan, said. — PTI

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