State Bank of India (SBI) signs pact with Industrial Bank of Korea to support SMEs.
Countries largest lender State Bank of India (SBI) has signed a Memorandum of Understanding (MoU) with Industrial Bank of Korea to support the business activities of Korean Small and Medium Enterprises (SME) entering or already operating in India.
The MoU would assist the Korean companies in meeting their financial requirements from SBI. Currently, there are 480 Korean SMEs operating in India. Industrial Bank of Korea currently does not have any branch presence in India.
State Bank of India is also setting up a representative office in Seoul. The MoU will help SBI get more Korean business not only for domestic branches, but also in that country.
The MoU was signed last week by Hemant Contractor, Managing Director & Group Executive on behalf of State Bank of India and Jun-Hee Cho, Chairman and Chief Executive Officer of Industrial Bank of Korea.