State Bank of India opens branch in Chinese city

Last Updated: Wed, Feb 20, 2013 06:20 hrs

Beijing, Feb 20 (IANS) State Bank of India (SBI), the largest commercial bank in India, has opened its second branch in China to cater to the growing trade between the two countries.

This new branch, which was opened Tuesday in the northern port city of Tianjin, will provide services including loans, trade financing and remittance, reported Xinhua.

SBI opened its first Chinese branch in Shanghai in 2006 and acquired a licence from Chinese authorities to do business in the local Renminbi currency in 2010.

The Banker magazine ranked SBI 60th in its July 2012 list of the top 1,000 banks in the world. The Indian government is the Fortune 500 entity's single largest shareholder, with 61.58-percent ownership.

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