SBI set to begin commercial operations in China next year

Monday, 17 November 2003, 08:00 Hrs
Printer Print Email Email
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
SPOTLIGHT
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..