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State Bank Of India
BSE: 500112 | NSE: SBIN
Large Cap | Bank - Public
1028.15
-9.00 (-0.87%) SBI enters into MoU with Industrial Bank of Korea
Date: 13-05-2013State Bank of India (SBI) has entered into Memorandum of Understanding (MoU) with the Industrial Bank of Korea. The bank has signed the same to develop and strengthen a framework for supporting the business operations of Korean Small and Medium Enterprises (SMEs), who are clients of Industrial Bank of Korea.
The said agreement will facilitate Bank of Korea to extend financial services to support the activities of Korean SMEs entering India. There are about 480 Korean SMEs operating in India.
SBI is also setting up a Representative Office in Seoul and signing of this MoU will help the bank in channelizing more business from Korea not only for SBI branches in India, but also for overseas branches.