State Bank of India (SBI), country’s largest public sector lender, is set to open its second branch in China at the port city of Tianjin, close to Beijing. The new branch, with capital of about 300 million yuan (about $50 million), would open towards the end of February.
The bank had opened its first branch in Shanghai in 2006, has a representative office in Tianjin, a well developed port city located about 140 km from Beijing, from where the bulk of trade from China to the rest of the world is handled.
SBI handled about $2 billion worth of trade finance, which included letters of credit for Indian and Chinese business firms.
