Through this agreement, both SBI and CaixaBank will gain direct access to their respective markets of operation. Both banks’ clients will be able to use the vast combined network to expand their businesses abroad.
State Bank of India (SBI), India's largest bank and CaixaBank, the leading bank in Spain by market share and one of the Eurozone’s largest banks by market capitalisation have signed a Memorandum of Agreement (MoU) to enhance business synergies between both banks, thanks to the collaboration in different projects.
The MoU outlines a plan between CaixaBank, chaired by Isidro Fainé and with Gonzalo Gortázar as CEO and SBI, headed by Arundhati Bhattacharya, to expand the banks’ guarantee transaction businesses by jointly providing credit to Indian-Spanish joint ventures and Indian local enterprises.The banks will also cooperate through introduction of business opportunities and partnering on possible infrastructure funds.
The agreement, signed by CaixaBank’s Executive Vice-President International Banking, Victoria Matia, and SBI’s Chief General Manager Sujit Kumar Varma, establishes the framework to collaborate in areas of mutual interest including Syndicated Loan Business, Guarantee Transactions, Trade Finance and Export Credit Agency Finance, Infrastructure Finance, networking services among others.
Through this agreement, both SBI and CaixaBank will gain direct access to their respective markets of operation. Both banks’ clients will be able to use the vast combined network to expand their businesses abroad.
“We are delighted to sign this agreement with India’s leading financial institution which will help to facilitate the growth of Spanish companies operating in this market,” said CaixaBank’s Victoria Matia. “India is increasingly making its global presence felt across various landscapes. Partnering with an organisation like SBI is strategically important to us, and we look forward to contributing to SBI’s growth through our market expertise and established relationships.”
CaixaBank established its representative office, currently headed by Pradeep Bhargava, in New Delhi, India, in 2011 with a view to improving communication with local financial institutions and supporting Indian and Spanish clients with regards to foreign trade and investment. The branch offers business counselling and helps Spanish companies to develop their business in the South Asian region and Indian companies with interest in Spain.
SBI is the only Indian bank among the Fortune 500 list of companies and has an extensive international network across 37 countries with over 198 offices spread across all continents with over 1386 employees.
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