Top Indian and Spanish banks sign cooperation agreement

MOU will support business operations of their clients.

State Bank of India, India’s largest lender, and Banco Bilbao Vizcaya Argentaria, SA, Spain’s second largest bank, have signed a Memorandum of Underrstanding to develop and strengthen a framework for supporting the business operations of clients of both banks.

BBVA, which also operates in South America and Mexico, has a strong presence in Asia. It has had a representative office in India since 2007.

State Bank of India has no physical presence in Spain and Latin America and this MOU will give SBI the capability to directly access the Latin American market, particularly for trade finance for its clients located both in India and abroad.

Clients of SBI can now take advantage of the vast network of BBVA’s subsidiary banks in Latin America as more and more Indian companies expand business in the region.