SBI signs agreement with Industrial Bank of Korea

Arrangement will help to extend financial services to support activities of Korean SMEs entering India

State Bank of India has signed a Memorandum of Understanding (MoU) with the Industrial Bank of Korea on developing and strengthening a framework for supporting the business operations of Korean Small and Medium Enterprises (SMEs), who are clients of Industrial Bank of Korea.

The MoU was signed by Hemant Contractor, Managing Director & Group Executive (IB, SBI and Jun-Hee Cho, Chairman and Chief Executive Officer of Industrial Bank of Korea, said a press release issued by SBI.

As the Industrial Bank of Korea has no branches in India, this arrangement will help to extend financial services to support the activities of Korean SMEs entering India.
 

There are about 480 Korean SMEs operating in India, said the release.

SBI is also setting up a Representative Office in Seoul and signing of this MoU will the bank in channelizing more business from Korea not only for SBI branches in India, but also for overseas branches.