[sbinews] SBI to open branch in Israel -UNI

  • From: "Rajendra PAI" <rspai.IT@xxxxxxxxxxxxxx>
  • To: <sbinews@xxxxxxxxxxxxx>
  • Date: Sat, 29 Nov 2003 10:45:53 +0530

SBI to open branch in Israel

Jerusalem, Nov 29 (UNI) State Bank of India is mulling opening a branch in 
Israel in order to finance trade deals between India and Israel, which are 
expected to increase in the coming years, officials said.

The application to this effect has already been submitted to the Bank of Israel 
and the bank is now engaged in deciding the ''scale of its operation'' meaning 
''whether to open an office or a full fledged branch.'' Cooperation between the 
two countries have diversified over the years covering wide range of 

Officials said that so far the two countries have already approved 196 
collaborations since diplomatic relations were established in 1992 and have 
estimated the bilateral trade figure to strike the 3 billion dollars mark by 
the end of next year.

Starting with a modest figure of 200 million dollars in 1992 there has been 
more than five fold increase in trade between the two countries reaching 1.3 
billion dollars. 

India is now Israel's second biggest trade partner in Asia overcoming Japan.

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