SBI, CaixaBank ink pact to fund Indo-Spanish joint ventures

Posted on:10 Jun 2016 18:09:46
SBI, CaixaBank ink pact to fund Indo-Spanish joint ventures
10 June 2016 Current Affairs: State Bank of India (SBI) and Spain's CaixaBank have inked pact to provide loans to Indo-Spanish joint ventures and local enterprises.

SBI and CaixaBank have signed a memorandum of agreement to enhance business synergies.

According to the agreement, they will expand banks' guarantee transaction businesses by jointly providing credit to Indian-Spanish joint ventures and Indian local enterprises.

The agreement was signed by Caixa Bank's Executive Vice-President, International Banking, Victoria Matia and SBI's Chief General Manager Sujit Kumar Varma.

The banks will collaborate in areas of mutual interest such as syndicated loan business, guarantee transactions, trade finance and export credit agency finance, infrastructure finance and networking services, among others.

Through this agreement, both SBI and CaixaBank will gain direct access to their respective markets of operation.

Both banks' clients will be able to use the vast combined network to expand their businesses abroad.This agreement with India's leading financial institution Will help facilitate the growth of Spanish companies operating in this market.

India is increasingly making its global presence felt across various landscapes. Partnering with an organisation like SBI is strategically important to us, and we look forward to contributing to SBI's growth through our market expertise and established relationships.

CaixaBank had established its representative office in New Delhi in 2011.

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