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Monday, June 11, 2007

Indian Bank Opens Israeli Branch

The State Bank of India has recently opened up a branch inside Israel. Although this is not exactly "major news" (as there are as many banks in Israel as there are beaches) the purpose of this move was to help strengthen ties between the two nations.

(Globes Online) "We're bullish about the Israeli business world and about Indian-Israeli relations," said State Bank of India chairman Om Prakash Bhatt at the dedication ceremony of its branch in Israel. Governor of the Bank of Israel Prof. Stanley Fischer and Israeli business dignitaries attended the ceremony. The branch is located at the Israel Diamond Exchange in Ramat Gan.

The State Bank of India (BSE:500112) is India's largest bank and has branches in 33 countries. The Israeli branch is its 84th international branch. The Central Bank of India owns 59.7% of the bank.

This maneuver should help strengthen the ties between the two nations, who already have a solid relationship with each other. India already sees Israel as a "preferred ally," and hopefully we will expect more financial (and business) relationships to develop from this.

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