SBI, Mizuho Corporate Bank sign business agreement

State Bank of India (SBI) has entered into a Business Cooperation Agreement (BCA) with Mizuho Corporate Bank (MCB), Japan, today in Mumbai. MCB is the third largest bank in Japan and has a presence in India with two offices in Mumbai and New Delhi. MCB has a decades old correspondent relationship with SBI.

The BCA with MCB will harness the expertise of SBI and MCB in the areas of loan syndications, trade finance, off-shore fund raising, derivative products, infrastructure co-financing etc., for the ultimate benefit of the customers of both the Banks. SBI's vast branch network in India and MCB's global net work will be able to pool their strengths and extend services of world class standard to their clients.

While MCB will assist SBI in the Japanese markets, SBI will be able to offer cash management services to Mizuho's clients in India. In sum, the BCA is expected to bring about substantial benefits to the clients of both the banks and finance the growing trade between India and Japan.