State Bank of India (SBI) signed a pact with the third largest Bank in the world by capital size,Bank of China (BoC) to boost business opportunities. It will enhance the business cooperation between both the banks.
It will facilitate the two major banks to provide its clients access to banking products and services of each other. It will be mutually beneficial for both the banks and the two largest and fastest growing economies.
India’s largest lender SBI already has a branch in Shanghai and Bank of China, one of the major players in the Chinese banking sector is planning to open its branch in Mumbai.
Partnering with SBI will make BoC an opportunity to grow through established relationships and market expertise as India is increasingly making its global presence across the world.
Through this pact, both SBI and BoC will gain direct access to their respective markets of operation. Both banks’ clients will be able to use the vast combined network to expand their businesses abroad. SBI has a branch in Shanghai and BOC is opening its branch in Mumbai.