SBI ties up with Spanish bank

State Bank of India has entered into a tie up with Spanish bank Banco Bilbao Vizcaya Argentaria, SA (BBVA) to develop business operations in Latin America and Spain.

BBVA is the second largest bank in Spain. Present in India since 2007, the foreign bank has major franchises in South America and Mexico.

At present, the India’s largest bank has no physical presence in Latin America and Spain.

The memorandum of understanding signed between the two banks covers investment banking products such as transaction banking, trade finance, bonds, foreign exchange and derivatives, SBI said in a statement.

Source: thehindubusinessline