Tel Aviv:The State Bank of India (SBI) has become the first foreign bank to open a branch in Israel’s diamond exchange.
“We have 30 years of experience in diamond financing and have offices in all the major centres associated with the trade. Tel Aviv completes the loop,” SBI Chairman OP Bhatt, told PTI.
The bank’s operations will undoubtedly give it a first mover advantage as it gets greater opportunity to tap Indo-Israel bilateral trade.
Besides diamonds, SBI also sees huge potential in telecommunications, hi-tech, chemicals, textiles, agriculture and water management, food processing, pharma and health care.
SBI has 84 branches on foreign ground with New York, Antwerp, Toronto, Moscow, Shanghai, Hong Kong, Johannesburg, Angola and an exclusive diamond branch in Mumbai being part of their thriving “diamond banking centres”
“There is tremendous trade potential between India and Israel and the setting up of this branch would enable us tap the growing bilateral trade opportunities that have led to diversification of trade with growth in new sectors” said India’s Ambassador to Israel, Arun Kumar Singh.