The country's largest public sector bank, State Bank of India, is all set to open its second branch in China, in the port city of Tianjin. It is speculated that the second branch will be set up with a capital of $50 million.
The new branch is scheduled to be set up before February, said the Chief Executive Officer of SBI, Shanghai branch, Mr. Dinesh Sharma.
Reportedly, SBI set up its first branch in Shanghai in the year 2006 and already has presence in Tianjin through its representative office there. Apart from SBI, a number of other banks also have presence in China.
Like the Bank of India which has a branch in Shenzhen city and a representative office in Beijing. UCO Bank and Allahabad Bank also have one representative office each in the capital city of Beijing. Canara Bank has a fully operational branch in Shanghai, whereas private sector lender ICICI Bank is planning to open its branch in China's business hub.
As compared to the presence of several Indian banks in China, China has just one branch in India. It has a branch of Industrial Commercial Bank of China, (ICBC) in the city of Mumbai.