SBI opens first branch in South Korea

Mumbai: Country's largest lender State Bank of India (SBI) on Wednesday said it has opened its first branch in South Korea.

The Seoul branch is expected to play an important role in strengthening economic partnership between the two nations, the bank's Managing Director B Sriram said in a statement.

With over 135 branches across many geographies, SBI has the largest presence in foreign markets among domestic banks.

The branch will offer a range of services to corporates in trade finance, bilateral and syndicated loans and corporate deposits etc, apart from retail banking.

SBI's decision to open a branch in Seoul follows from the continuous and significant increase in trade following the Comprehensive Economic Partnership Agreement, which was signed between New Delhi and Seoul in 2009.