Israel Economics

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Indian bank SBI to open Israel branch

Bank of India State (SBI) is set to open a branch at the Diamond Exchange complex in Ramat-Gan; decision reached during Olmert’s December 2005 visit to India

Ynet

The State Bank of India (SBI) is set to open a branch at the Diamond Exchange complex in Ramat-Gan, the SIFV news site reported.

Supervisor of Banks Mr. Yoav Lehman said in interview with an Indian newspaper that the official process for the opening of the Israeli branch has been completed.

The decision to open an SBI branch in Israel was reached during Acting Prime Minister Ehud Olmert’s December 2005 visit to India.

SBI representative Ram Narayan Boga visited the Diamond Exchange last April to in a bid to find a location for the branch.

Some 30 diamond merchants operate from Ramat-Gan’s Diamond Exchange; some have been active in Israel since the 1980s.

The scope of Israel’s trade with India is second only to Japan and is estimated at USD 2 billion a year. Diamond trade constitutes nearly 50 percent of all trading between the countries.

http://www.ynetnews.com/articles/0,7340,L-3214738,00.html

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