Jerusalem, Dec 01: The State Bank of India will soon open a branch in Tel Aviv, official sources said here today. Top SBI officials had approached the Bank of Israel Governor David Klein with the proposal during the International Monetary Fund conference in Dubai in September.
However, a formal request to the governor of the Bank of Israel will be submitted in the coming days.
The sources told reporters that it is unclear at this stage whether a representative office or a full fledged branch of the bank will be established.
Routine examination of the bank's credentials may take between three to five months before authorization to open is granted, said a spokesman for the Bank of Israel, adding that delay in the procedure is unlikely.
Bureau Report