State Bank of India (SBI) has entered into a tie-up with Spanish bank Banco Bilbao Vizcaya Argentaria, SA (BBVA) to develop business operations in Latin America and Spain. Further, both the banks have signed a memorandum of understanding (MoU) which covers investment banking products such as transaction banking, trade finance, bonds, foreign exchange and derivatives.
The country’s largest bank currently has no physical presence in Latin America and Spain. BBVA is the second largest bank in Spain. Present in India since 2007, the foreign bank has major franchises in South America and Mexico.
