The state-run Korea Development Bank inked a memorandum of understanding with the State Bank of India, the country’s largest commercial lender, this week to form a business partnership, KDB officials said Thursday.
Under the memorandum, a Korea Desk will be installed in the Indian government-invested SBI and mutual cooperation in syndicated loans and trade finance business will be strengthened, according to the officials.
KDB chairman Lee Dong-geol (second from left, front row) and his SBI counterpart Arundhati Bhattacharya (third from left, front row) hold a memorandum of understanding document at the end of a signing ceremony in Mumbai, India, Wednesday. (KDB)
“The Korea Desk will be a bridge to entering the Indian market and we expect it will help expand our global network as we plan to support Korean companies in India and establish business with local blue chips,” a KDB official said.
For Korea, India is the biggest market in the Southwestern Asian region. India has actively drawn corporate investments from Korea since Seoul concluded the Comprehensive Economic Partnership Agreement with Mumbai in 2010.
The memorandum is part of KDB’s efforts to step up its overseas presence under “Global KDB” since its chairman Lee Dong-geol took office early this year.
By Shin Min-gyu (
mingyu2449@heraldcorp.com)
