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State Bank Of India
BSE: 500112 | NSE: SBIN
Large Cap | Bank - Public
1062.50
9.60 (0.91%) SBI inks $500 million LoC with Korea Eximbank
Date: 29-09-2014Country’s largest lender State Bank of India (SBI) has signed a line of credit (LoC) of $500 million with Export-Import Bank of Korea (Korea Eximbank). This line will be in addition to LoC of $200 million signed between the two institutions on January 16, 2014 to support Indian companies importing goods and services from Korea. This signing is a step towards further strengthening of Korea-India strategic partnership.
The LoC can be utilised to finance SBI’s clients in India and its neighbouring countries having business relationships either by way of equity participation or regular trade with Korean companies globally, as well as joint ventures or subsidiaries of Korean companies.