(UNI) Country's largest lender, SBI, has signed a Memorandum of Understanding (MOU) with Industrial Bank of Korea (IBK) to develop and strengthen a framework for supporting business operations of the Korean clients in small and medium enterprises (SMEs) in India.
The MOU was signed last week by Mr Hemant Contractor, Managing Director and Group Executive (IB) on behalf of SBI and Mr Jun-Hee Cho, Chairman and Chief Executive Officer of IBK, the SBI said.
There are about 480 Korean SMEs operating in India and the IBK have no branches in India to extend financial service requirements of Korean companies. This MOU will assist the Korean companies to access their requirements from India's largest bank.
The SBI is also setting up a Representative Office in Seoul and this MOU will help the SBI to channelise more business from Korea not just for SBI branches in India but overseas. UNI
