SBI set to begin commercial operations in China next year

Monday, 17 November 2003, 08:00 Hrs
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SHANGHAI: The State Bank of India will bring in $12 million as capital to start commercial banking operations in China and upgrade the representative office in Shanghai.

"We are in the process of getting the required permission from the People's Bank of China (PBOC)," the chief representative of SBI's Shanghai representative office, Rakesh Sharma said.

Sharma said the SBI, which opened its representative office in Shanghai, China's largest city and commercial capital, in 1997, has submitted relevant papers to the PBOC and was in touch with the Chinese apex bank.

"We hope to start operations by July-September, 2004, if everything went as planned," he said.

The SBI would bring in foreign currency equivalent to 100 million yuan ($12 million) to start commercial banking operations in China.

Initially, the SBI plans to have foreign currency banking operations with overseas entities, joint ventures and foreign institutions, Sharma said.

Once the PBOC approval is received, the SBI representative office would move out to the Pudong financial district and open a new and larger office, he said.

Source: IANS
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