SBI opens branch in Seoul, South Korea

Country's largest lender has opened a branch in Seoul, South Korea to predominantly finance growing trade and investment relations between Korean and Indian companies.

SBI is second Indian bank after Indian Overseas Bank to have branch in South Korea. SBI already had a representative office in Seoul Stock Market Trading Tips

Meanwhile, SBI has signed a Line of Credit with The Export-Import Bank of Korea (K-EXIM) for $ 500 million (Rs 3,300 crore).

While corporate banking - -- trade finance, bilateral and syndicated loans etc -- would be mainstay, SBI branch will also provide current and savings and remittance facilities to retail customers.

SBI in a statement said decision to open a branch in Seoul follows a significant increase in trade after two countries signed g the Comprehensive Economic Partnership Agreement in 2009. B. Sriram, Managing Director (corporate banking group), SBI, inaugurated Seoul branch Himanshu Tiwari Astrologer Blog

Referring to credit line, SBI said this 15 year of Line of Credit will help SBI in arranging long term foreign currency funds to finance Korean Companies setting up manufacturing unit.

The agreement for credit line was signed by SBI Chairman Arundhati Bhattacharya and K-EXIM chairman and President Duk Hoon Lee in New Delhi.

The credit line would also help to finance Indian companies sourcing goods from joint ventures or subsidiaries of Korean companies having manufacturing set up in India which will be a push to the mission.

With the signing of this Line of Credit, the total facility from K-EXIM for SBI will be USD 1 billion, SBI added Commodity Market Astrology Tips