State Bank of India opens a branch in Israel

Mumbai, Jun 9 (UNI) India's largest bank, State Bank of India (SBI) has opened its first branch in Tel Aviv, Israel.

The branch was formally inaugurated by Chairman of State Bank Group Shri O.P. Bhatt. This will be the 84th overseas office of SBI, which has presence in 32 countries.

In a statement here today, Mr Bhatt said '' This is the first branch of an Indian bank in Israel, and first branch of a bank to be opened in the Diamond Exchange bourse in Tel Aviv after 20 years.

With its extensive linkage with the diamond trade across the globe through its offices in New York, Antwerp, Toronto, Moscow, Shanghai, Hong Kong, Johannesburg, Angola and a dedicated diamond branch in Mumbai, the latest entry in Israel further strengthens SBI's support for Indian Diamentiers. Apart from diamond financing, the new branch will also facilitate the booming Indo-Israel trade and also tap business potential in telecommunications, chemicals, textiles, agriculture and water management, food processing, pharmaceuticals and others.'' UNI