SBI opens industrial branch

MUMBAI, Oct 3: State Bank of India inagurated its industrial finance branch to cater to its corporate clients at Worli in Mumbai today. This branch will spin off the commercial advances and international banking segments of the Shivsagar Estate branch, Worli. The branch was inaugurated by S N Sawaikar deputy managing director of the SBI. Addresing the function, he said SBI is planning to introduce the concept of relationship managers in its commercial banking network of 32 branches. He said this network signifies the bank’s drive to provide focussed attention to the needs of its corporate clients.

Earlier, V V Warty, general

manager of the branch, welcomed the guests.In the meantime, Sumitomo Bank has entered into a reciprocal arrangement with the SBI and the Bank of India for a Rs 100-crore line of credit.

The deal marks the beginning of Japan’s second-largest bank’s domestic operations. The arrangement, renewable on mutual consent after a year, will entail overseas branches of SBI and Bank of India to get similar letters of credit for their operations in Japan.