SBI opens branch in China

10 August 2006

"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 in China's commercial capital.

With trade and investment between the two countries rising to record levels, it is appropriate that SBI sets up base in China, he said. SBI had set up a representative office in Shanghai way back in 1997, Bhat said, adding that bilateral trade and investment opportunities have risen rapidly since then.

SBI, he said, was very confident of operating in the huge Chinese market, which is expanding and opening up to foreign competition.

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

India-China bilateral trade is expected to grow from $18 billion in 2005 to over $22 billion in 2006. Bilateral trade volume had already touched $11.45 billion in the first six months of the current year, he pointed out.

SBI is India's largest banking group - comprising 66 group companies - with over 14,000 branches and assets of over $157 billion. SBI provides a whole range of ranging services micro credit to project financing and consumer loans to loan syndication for corporates.