Bank of China starts India operations
Bank of China, one of the four largest state-run commercial banks of China, has started India operations with a maiden branch in Mumbai. “The launch of Chinese bank in India comes after a series of successful meetings between Indian Prime Minister Narendra Modi and Chinese President Xi Jinping in 2018 to strengthen the strategic engagement between the 2 countries,” the lender said in a statement. The bank started its operations to facilitate financial transactions related to corporate banking in India. The 107-year-old bank has been designated as a Global Systemically Important Bank for eight consecutive years. Bank of China has signed a memorandum of understanding (MoU) with State Bank of India (SBI) to facilitate corporate clients of both the banks to access each others banking products and services, which will lead to a mutually beneficial relationship, the lender said.