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With booming business between China and India, State Bank of India (SBI), the largest commercial bank in India, plans to upgrade its Shanghai representative office into a branch company this April, making it the first Indian bank to open its branch in China.

 

SBI got the licence for the Shanghai branch from the industry watchdog last Friday.

 

"Our physical presence in Shanghai will make it much easier for our customers to get project financing and find the right partners in China," T.C.A. Ranganathan, chief executive officer of SBI Shanghai Branch, told China Daily. "And our major customers for the moment are foreigners and joint ventures."

 

For Ranganathan, SBI Shanghai branch also serves as a touchstone. "We want to get used to the Chinese market first, and open more branches after winning the confidence of Chinese customers."

 

Meanwhile, as more and more Chinese began to do business in India, SBI's outlets in India will also help them find the right Indian partner and get easier financing, Ranganathan added.

 

Fuelled by the surging trade and investment from India, four Indian banks have had representative offices in China, including SBI, the Bank of India, Canara Bank and Punjab National Bank.

 

The foreign trade between China and India in 2005 totalled US$18.7 billion, an increase of US$6.7 billion from the previous year. This figure is expected to top US$30 billion by 2010, analysts said.

 

Compared to other Indian banks, the competitive edge of SBI is in its strong network.

 

"With 65 offices in 32 countries, our customers can find it easier to access our service," said Ranganathan.

 

The Mumbai-based bank, which started its operations as a one-branch Bank of Bengal in 1806, today has 13,813 branches worldwide.

 

It has relationships with 525 banks in 124 countries.

 

"We are a step ahead of other Indian lenders," Ranganathan said.

 

Due to the similar culture and banking systems between India and China, Ranganathan believes SBI will have no problems in adapting to the market.

 

"Besides, China is also experiencing a banking sector reform as India did in 1990s," he added.

 

Although Ranganathan said it is too early to talk about the possibility of buying a stake in Chinese lenders, SBI have inked several such deals in Indonesia, East Africa and India.

 

Last February, SBI acquired 51 percent of Indian Ocean International Bank Ltd, a lender based in Mauritius, an Indian Ocean island where half the population is of Indian origin.

 

"We are looking at small to medium-sized banks in Asia and Africa," Arun Kumer Purwar, chairman of SBI, said last year.

 

SBI's expansion in China is part of its business plan to go global.

 

Overseas business contributed US$47 million of profit at SBI in the year ended March 31, 2005. Financing international trade along with giving more loans to small and medium-sized companies, agricultural businesses and individuals will be among its main focus areas.

 

The lender is targeting US$100 million in profits from its operations abroad, Purwar said.

 

When planning to open a branch in China, SBI also opened or upgraded branches in Sydney, Muscat in Oman, Moscow, South Africa, Bangladesh and Angola.

 

(China Daily February 21, 2006)