The Country’s largest public sector lender State bank of India and Korea Development Bank have signed a memorandum of understanding to enhance business synergies. The agreement outlines the plan to enhance cooperation in areas including corporate finance, project finance and asset finance. The agreement was signed between SBI chairman Arundhati Bhattacharya, and chairman and CEO of Korea Development Bank (KDB), Lee Dong-Geol.
Under this MoU, KDB is providing funding facility to SBI through credit lines or money market lines, as per terms agreed between the two banks. The proposed credit lines from KDB will help SBI to offer competitive terms for facilitating bilateral business. The funds may be used for money market, trade finance and loans to Korean companies doing business in the country. Through this MoU, both SBI and KDB will gain direct access to both markets of operation, and will be able to use the vast combined network to expand their businesses abroad. In this regards, both the banks will also set up a korea desk in India to enable a smooth cooperation and draw the full benefit from the MoU. The proposed Korea Desk follows the recent inauguration of Japan Desk by SBI in New Delhi.
So let’s discuss some questions related to this post:
1. Name the Indian public sector bank which has signed a MoU with Korea Development Bank for biz opportunities?
2. Who is the Chairman of SBI and also name the Chairman & CEO of Korea Development Bank?
Courtesy: Times of India