SBI to open second branch China at Tianjin
Beijing: Amid expanding trade ties between India and China, the visiting Minister of State for Finance Namo Narain Meena will inaugurate SBI’s second branch in the country, to be opened in Tianjin city Tuesday.
The branch is being opened with a capital of about 300 million yuan, (about USD 50 million).
Meanwhile, the minister visited the State Bank of India branch in Shanghai today. He also interacted with the Indian business community in the city.
SBI opened its first branch in Shanghai in 2006, but has a representative office in Tianjin, a well developed port city located about 140 km from Beijing.
A host of Indian banks are present in different parts of China and most of them are benefitting by the burgeoning India-China trade.
Indian lenders in China mainly banked in trade finance as the bilateral trade increased in recent years.
India-China trade touched a high of USD 74.9 billion in 2011, but it declined to USD 66.47 billion last year -- a 10 percent drop.
India’s trade deficit with China has mounted to USD 28.87 billion.
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