SBI and Bank of China Join Hands

The country's largest public sector lender State Bank of India (SBI) has signed a pact with the Bank of China to boost business opportunities.

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.

"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.

"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, Chen Siqing said.

Through this pact, both SBI and BoC will gain direct access to their respective markets of operation, the release said.

SBI said it has a branch in Shanghai and BOC is opening its branch in Mumbai.