State Bank of India (SBI) is moving ahead of its domestic rivals, with plans to open two more branches on the mainland, aiming to further profit from booming Sino-Indian trade, which is expected to top US$100 billion in three years.
Chairman Pratip Chaudhuri said yesterday that the largest bank in India was giving the China market priority, as both countries were working closely to add further momentum to growth in bilateral trade.
SBI has a branch in Shanghai that offers a full range of banking services, including local currency business.
Chaudhuri said the bank had applied to the China Banking Regulatory Commission to upgrade its Tianjin office to a branch, and was planning to set up a third mainland branch in Guangzhou.
'India and China recorded the highest rates of economic growth, and developments in the fields of trade and investment will create tremendous opportunities,' he said. 'We believe the 21st century belongs to China and India.'
Bilateral trade is valued at US$60 billion, and the chairman predicted the figure would hit US$100 billion in two to three years. Indian banks including SBI, Bank of India, ICICI Bank, Axis Bank, Canara Bank and Bank of Baroda are among the latest foreign lenders to have gravitated to the mainland, actively seeking expansion and to help consolidate economic ties between the two countries.