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SBI, Bank of China in partnership

State Bank of India entered into a MoU with Bank of China, the 3rd largest bank in the world by capital size and one of the major players in the Chinese banking industry, to enhance business synergies. Both SBI and BOC will gain direct access to their respective markets of operation and their respective clients will be able to use the vast combined network to expand their businesses abroad. SBI has a branch in Shanghai and BOC is opening its branch in Mumbai. Rajnish Kumar, chairman SBI said the MoU will facilitate the clients of both the banks to access banking products and services of each other, which will lead to a mutually beneficial relationship. Chen Siqing, chairman, BOC, said India is increasingly making its global presence felt across various landscapes and partnering with an organization like SBI is strategically important for BOC.

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