The State Bank of India (SBI)
has become the first Indian bank authorized to offer foreign currency
services to Chinese clients. The bank is now permitted to offer
services like foreign currency loans, credit advise, project funding,
letter of credit and foreign currency guarantees.
According to the CEO of SBI-Shanghai
branch, T. C. A. Ranganathan, the bank has just received the second
licence from the Chinese authorities, which will allow the bank
to give an array of foreign currency services to China. Moreover,
his bank will soon introduce all the instruments for foreign currency
trading.
Proudly talking his bank’s
rare feat, Ranganathan said they have reached yet another milestone
in operations in the world's fastest growing economy - China;
and they are pleased to offer wide range of services to Chinese
customers too.
So far, SBI-Shanghai branch
were only allowed to offer foreign currency services either to
foreigners or to foreign firms operating in China.
Talking about the bank’s
target, the CEO said, SBI, Shanghai will now double its capital
to 200 million yuan (approximately $25 million) and will rope
in more staff to reach Chinese customers, who are eager to do
business with India.
State Bank of India has a
network of 66 offices and branches in 29 nations and apart from
that it also has correspondent links with over 522 global banks.
Some of the SBI’s overseas
branches are in Paris, Frankfurt and Antwerp. It’s not only its
clients who can use its single-window Euro services from SBI Frankfurt,
but also Indian banks.
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