Sept. 8 – The State Bank of India (SBI) is expanding its reach in China by establishing more branches in Hong Kong and the mainland.
The company is India’s largest bank, with 16,000 domestic branches and 130 overseas branches. SBI has a branch in Shanghai and a representative office in Tianjin. In Hong Kong, the company recently opened its second branch with a third set to open by the year’s end. The company has been in the territory for over 30 years.
The Tianjin office is set to be upgraded to a full branch with renminbi business offerings to clients. SBI Chairman, Om Prakesh Bhatt, was quoted by the South China Morning Post as saying that:“India is globalizing at a faster pace than the rest of the world and more and more Indian individuals and companies are looking for business opportunities outside the country.”
China is India’s largest trade partner with bilateral trade reaching US$51.8 billion last year.