[sbinews] SBI To Open Branch In Sydney (Financial Express)
- From: "Rajendra S. Pai" <rspai9@xxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Mon, 19 Apr 2004 20:37:01 -0700 (PDT)
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SBI To Open Branch In Sydney
(Financial Express)
SYDNEY, APRIL 19: The State Bank of India, the
country?s largest commercial bank, will open its first
branch in Australia this week to further promote trade
and economic cooperation between the two countries.
The first ever branch of an Indian bank on Australian
shores, the SBI Sydney branch will help promote
bilateral trade between India and Australia which
stands at Australian $4.2 billion, Indian consul
general in Sydney, M Ganapathi stated.
The branch will open on Wednesday. ?It is a very
positive development that will further consolidate and
encourage trade and economic cooperation between the
two countries. It will also engender confidence
amongst the Australian business community and enhance
commerce and investment in India. It will particularly
benefit the Australian Indian community,? he
indicated.
The growing expatriate Indian community in Australia
has long felt the need for an Indian bank here. Chief
executive officer of SBI in Sydney, Ashok Khurana
said: ?It will redress the major problem facing the
Indian community, which in the absence of any Indian
bank here and any Australian bank in India, was
finding it difficult to send remittances back home to
family and friends.?
The SBI Sydney branch will also help boost bilateral
trade by facilitating payment for exporters. While the
branch will not have retail banking facilities, it
will offer various trade finance facilities to
exporters and importers in Australia. The SBI branch
will also offer one-off international money transfer
(IMT) in various currencies to India and other
countries as well.
-PTI
=====
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