SBI joins hands with Spanish bank
India's largest lender State Bank of India (SBI) has signed an agreement with Spain-based bank Banco Bilbao...
India's largest lender State Bank of India (SBI) has signed an agreement with Spain-based bank Banco Bilbao Vizcaya Argentaria, SA (BBVA), to support business operations of clients of both the banks.
SBI has no physical presence in Latin America and Spain and the MoU will give it direct access to Latin American market, particularly for handling trade finance for its clients, both in India and abroad, the bank said in a statement on Friday.
Now, SBI clients can take advantage of the vast network of BBVA's subsidiary banks in Latin America as more and more Indian companies are seeking to expand business in the region, the statement said.
This agreement will also benefit BBVA, since it would be able to access more broadly the Indian market hand in hand with SBI, it added.The MoU covers a wide range of investment banking products, such as transaction banking, trade finance, ECA finance, bonds, FX and derivatives, it stated.
BBVA is the second-largest bank in Spain and has a relevant presence in Asia, with branches and representative offices in the main financial hubs and has been present in India since 2007.