State Bank of India has become the first Indian bank to start commercial operations in China, confident of tapping and aiding the booming trade and commercial linkages between the two Asian giants.

State Bank of India has been in Shanghai since 1997 through its representative Office. In 2003, SBI filed preliminary application to China Banking Regulatory Commission for license to upgrade the RO into a branch. In 2004, it received preliminary clearance from CBRC to apply for the license. Full fledged License was received in early 2006.

State Bank of India is now in a position to offer one-stop solutions to the Indian business community's specific banking requirements and can offer tailor-made solutions. The closer for Shanghai branch is to facilitate investment into China and also to facilitate international trade transactions.

The bank can now provide loans and advances or syndications, including project loans and syndicated loans, working capital loans and term loans, credit verifications, advisory and consultancy services and loans for exporters and importers. On the trade finance front, the SBI Shanghai branch will provide documentary collections opening/amendments/advising/confirmation of Letter of Credits, handling of imports bills and bank guarantees.

The bank will provide inward and outward remittances, for individual/Corporate/ institutional accounts and provide safe custody services.