“We’re bullish about the Israeli business world and about Indian-Israeli relations,” said State Bank of India chairman Om Prakash Bhatt at the dedication ceremony of its branch in Israel. Governor of the Bank of Israel Prof. Stanley Fischer and Israeli business dignitaries attended the ceremony. The branch is located at the Israel Diamond Exchange in Ramat Gan.
The State Bank of India (BSE:500112) is India’s largest bank and has branches in 33 countries. The Israeli branch is its 84th international branch. The Central Bank of India owns 59.7% of the bank.
The State Bank of India plans to exploit its credit expertise for the diamond industry in its business in Israel. Bhatt said, “We don’t rely solely on the diamond business. We want to be in a place where there is Israeli-Indian business.
As such, the bank’s Israeli branch will also finance transactions for the development of Indian-Israeli trade in telecommunications, high-tech, chemicals, agriculture, water management, and other industries. The bank plans to finance both transactions by Indian companies in Israel and Israeli companies in India.
The State Bank of India plans to enter retail banking in Israel in the future. Bhatt said, “This will depend on the degree of success by the branch that we’ve opened. We’ll review its activity every year.”
The State Bank of India initiated negotiations to open a branch in Israel during Prime Minister Ehud Olmert’s visit to India in 2004, when he was minister of industry, trade and labor.
Published by Globes [online], Israel business news - www.globes.co.il - on June 10, 2007
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