Mumbai - February 15, 2017: State Bank of India has set up a “KOREA DESK” in Mumbai in collaboration with the Korea Development Bank [KDB], which was inaugurated today by SBI Chairman Mrs. Arundhati Bhattacharya and Vice Chairman Mr. Dai Hyun Lee [KDB] in the presence of H.E. Soung-eun Kim, Consul General of the Republic of Korea.
State Bank of India has the largest presence overseas amongst Indian Banks with 196 office spread across 36 countries. The overseas operations of the Bank are covered under International Banking Group which accounted for 14.69% of the Bank’s Balance Sheet and 42.06% of the Bank’s profit in FY 2016. SBI has one branch in Korea at Seoul.
Trade between India and South Korea is rising steadily over the period of time and trade between both countries in 2015-16 was USD 16.89 billion. The signing of revised India-South Korea Double Taxation Avoidance Agreement and Comprehensive Economic Cooperation Agreement [CEPA] envisages a greater co-operation between the two countries and renewed interest amongst the Korean corporates. Emphasis by the Government of India on “Make in India” has thrown open numerous opportunities to the Korean Corporates to invest in India in areas such as technology, defence, ship building, etc. As a premier bank of India, SBI is keen to be a partner in the growth of economic relations between India and Korea and has taken the initiative to set up a Korea Desk in Mumbai in collaboration with the Korea Development Bank, to cater to the needs of the Korean Corporates in India. The Korea Development Bank is a leading bank in Korea providing credit facilities to the Korean Corporates. This collaboration between SBI and KDB would provide opportunities to the Korean Corporates to leverage the strengths and reach of SBI to expand their business in India.
Through the Korea Desk, SBI is aiming to be the window to inbound Korean Investments in India and vice-versa. The Korea Desk will facilitate the establishment of banking relationship with the Korean corporates and the Korean nationals, provide information on industries, sectors etc. Such information can be utilised by the Korean corporates for taking an appropriate decision for their business expansion and securing rupee funding in India etc. The Project advisory and appraisal, rupee funding, forex hedging and other treasury services will all be made available through the window of the Korea Desk.
Korea Desk is headed by Shri Woong Soo Choi, a representative of the Korea Development Bank.