Mumbai, Mar 31 (UNI) Country's largest lender State Bank of India, today said it has acquired a majority stake in Global Trade Finance Limited, a company engaged primarily in extending factoring services.
The acquisition was a part of SBI's overall strategy to be able to offer a full bouquet of services to its large and diverse client base, SBI said in a statement here today.
Global Trade is one of the largest players in the Indian market, having close to 40 per cent market share. State Bank has also acquired the stakes of IFC Washington, Exim Bank and Fim Bank Malta in the company.
With this acquisition, State Bank expects both the companies to complement each other and help SBI to consolidate its leadership in both small and medium enterprise business and export financing, where State Bank has traditionally had a strong presence, the release added.
UNI PP SR AG1935