Mumbai: State Bank of India on Friday said it has signed an agreement with Spain-based bank Banco Bilbao Vizcaya Argentaria, SA (BBVA), to support business operations of clients of both the banks.
State Bank of India, which is the largest lender in India, has no physical presence in Latin America and Spain and the Memorandum of Understanding 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 here.
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, the statement said.
This agreement will also benefits BBVA, since it would be able to access more broadly the Indian market hand in hand with State Bank of India, it added.
The MoU covers a wide range of investment banking products, such as transaction banking, trade finance, ECA finance, bonds, FX and derivatives, the statement said.
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.
First Published: Friday, May 24, 2013, 22:18