Singapore, Oct 13 (PTI) State Bank of India (SBI)on Monday said it is playing an important role in the celebrations to mark the 50th year of India-Singapore diplomatic relations.
“We are an integral part of the Singapore ecosystem and will continue to be involved in the run-up to the celebrations in 2015,” SBI country head and chief executive Anil Kishora told PTI.
The year-long celebrations were launched by External Affairs Minister Sushma Swaraj and Singapore’s Foreign Minister K Shanmugam here on August 16, 2014.
“As part of our commitment to Singapore as a global financial centre, we are continuously enhancing our presence here,” he said.
SBI has seven branches and 25 ATMs, some of which are located in tourist centres which also cater to Indian tourists in Singapore.
“SBI ATMs not only serve our resident customers, but are widely used by tourists and travellers from India and other countries. More importantly, they serve as our brand ambassadors,” said Kishora.
Launching its 25th ATM at a local subway recently, SBI was the first Indian bank to receive the regulatory approval to operate as a Qualifying Full Bank (QFB) in Singapore in 2008.
Besides SBI, the other QFB from India is ICICI Bank, which got the licence in 2009 and operates two branches.
“Trade & commerce between Singapore and India have flourished since India Singapore Comprehensive Economic Cooperation Agreement (CECA) was signed in 2005,” said Kishora.
India-Singapore bilateral trade has grown to USD 19.27 billion in fiscal year ended April 2014 with Indian exports at USD 12.51 billion.
“The Singapore?India trade would grow faster India charts its new export trajectory,” said Kishora highlighting India’s plans to revive its Special Economic Zones and work out a new foreign trade policy for 2014-19. .
