The country’s largest lender State Bank of India has signed a pact with the Bank of China to boost business opportunities. SBI has signed an MoU to enhance business synergies between both the banks.
Through this pact, both SBI and BoC will gain direct access to their respective markets of operation. Both banks’ clients will be able to use the vast combined network to expand their businesses abroad. SBI has a branch in Shanghai and BOC is opening its branch in Mumbai.
Source- Press Information Bureau (PIB)
Static/Current Takeaways Important For LIC AAO Mains Exam:
- SBI Chairperson: Rajnish Kumar, Headquarters: Mumbai, Founded: 1 July 1955.
- Bank of China (BoC) is the third-largest bank in the world by capital size.