BBVA and State Bank of India, India's largest lender, have signed today a Memorandum of Understanding (MOU) on developing and strengthening a framework for supporting the business operations of clients of both the Banks.

 

BBVA and State Bank of India, India's largest lender, have signed today a Memorandum of Understanding (MOU) on developing and strengthening a framework for supporting the business operations of clients of both the Banks. In the signature ceremony, BBVA was represented by Gonzalo Toraño, Regional Head of Asia Pacific, and State Bank of India was represented by its General Manager Mr. Karamjit Singh.

 

State Bank of India which is the largest lender in India, at present, has no physical presence in Latin America and Spain and this MOU will give the capability to SBI to directly access Latin American market, particularly for handling Trade Finance for its clients located both in India and abroad. Now clients of SBI 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.

 

This agreement also benefits BBVA, since we will be able to access more broadly the Indian market hand in hand with State Bank of India. The MOU covers a wide range of investment banking products, such as Transaction Banking, Trade Finance, ECA Finance, Bonds, FX and Derivatives.


BBVA has a relevant presence in Asia, with branches and Representative Offices in the main financial hubs and is present in India since 2007.