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Italian Bank joins hands with SBI

Categorías: Otro - Viernes, 02 Julio 2009


Banca Popolare di Vicenza (BPVI) has been in alliance and has constant correspondent banking relationships with all major Indian banks dealing in export and import trade. In order to deepen relationship with India, the bank has signed a cooperation agreement i.e. MOU with State Bank of India for closer relationship with each other for development of Indo-Italian trade. BPVI has uprooted its base in Northeast part of Italy famously known for its immense development in food, furniture sectors, gold processing, glass, garments etc. BPVI Group today is a multi-regional bank now operating all over the country through a network of over 680 branches.

On other hand, SBI is one of the largest archive in banking sector with wide-spread network of more than 50,000 branches in India and around 92 offices across the world. Mr.Pradeep Chaudary,DMD of SBI quoted that this MOU perhaps will increase the investment, trade and commercial aspects. And it will also bring about the awareness about the Italy market in India. This year, SBI expects moderate growth by next year, when Indian companies will increase their capital then it will surely fetch more profit.

On the occasion of signing the cooperation agreement with SBI, Mr. Samuele Sorta, CEO and General Manager, mentioned that BPVI is proud about the fact that it is the first Italian Bank to go ahead with this venture with the largest commercial bank, SBI. The bank expects that this will help in capturing customers and guide them in exploring opportunities in Indian and Italian market. He stated that BPVI’s focus is on small and medium size companies in Italy to grow and expand. It will focus in local banks of India

Mr.Fausto Maritian, BPVI’s Head of International Relations and Correspondent Banking who is accompanying the CEO on this mission that the bank is happy with the progress it has achieved in India in the last three years. The bank’s business has grown manifold in this period. He aspires that after signing the cooperation agreement with SBI, BPVI will be able to assist more than Indian and Italian entrepreneurs interested in tie-ups with Italian companies.

Mr. Pradeep Khanna, Chief Representative of BPVI mentioned that BPVI has assisted many large and small companies in India with trade finance facilities. He mentioned that in the present economic scenario in Europe, a lot of Italian companies are ready to forge ties with Indian companies.

Indeed this venture will increase economic tie-ups between both of the countries and widen the scope.

Source: http://www.indiaprwire.com/pressrelease/financial-services/2009062928380.htm

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