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State Bank of India
Source Name: State Bank of India

State Bank of India & the Export-Import Bank of Korea Sign Untied Line of Credit

Sep 26, 2014   14:40 IST 
New Delhi, Delhi, India

State Bank of India (SBI), India’s largest Bank and The Export- Import Bank of Korea (Korea Eximbank) an official export credit agency of Korea, today signed a Loan Agreement for an Untied Two-Step Line of Credit for a USD 500 million. This line will be in addition to Line of Credit of USD 200 million signed between two institutions on January 16, 2014 to support Indian companies importing Goods and Services from Korea.

 

This Untied Line of Credit can be utilised to finance SBI’s clients in India and its neighbouring countries having business relationships either by way of equity participation or regular trade with Korean companies globally, as well as joint ventures or subsidiaries of Korean companies.

 

The agreement was signed by Mr. Young Whan Sul, Senior Executive Director, Member of Board of Directors, Korea Eximbank and Mr. C. Venkat Nageswar, Regional Head (East Asia), SBI at Seoul at Korean Exim’s, Head Office. Mr Rajnish Kumar, MD & CEO, SBI Capital Markets Ltd graced this occasion with his presence.  

 

On this occasion, Mr. Rajnish Kumar, MD & CEO, SBI Capital Markets Ltd, said that: “This signing is a step towards further strengthening of Korea-India strategic partnership and will help foreign currency financing for corporates in India and neighbouring countries partnering with Korean conglomerates”.

 

On the occasion Mr Lee Duk-Hoon Ch, Chairman and President of Korea Exim Bank said that: “This partnership with SBI will significantly benefit Korean companies’ ambition to investment in India and ultimately help to increase much required foreign investments in India”.

 

About State Bank of India:

State Bank of India (SBI) is the largest public sector bank in India with over 200 years presence in financial services. It has five Associate Banks in India along with other financial subsidiaries. SBI has more than 16000 branches including 191 foreign offices in 36 countries, across all time zones. The SBI Group (including associate banks) has more than 50,000 ATMs as of September 2014. The bank offers a wide range of banking products and financial services to Corporate and Retail customers through variety of delivery channels.

 

For further information please contact:

State Bank of India

Mr Prabodh Parikh, Dy General Manager

Overseas Corporate Banking, International Banking Group

Phone No 022-22740980

Email: dgmocb.ibg@sbi.co.in

 

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