Mumbai, India, 31 July 2017 – The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and State Bank of India (SBI) signed a Memorandum of Understanding on comprehensive cooperation (MOU).

​The MOU between BIDV and SBI expresses the desire of the two parties for strengthening the relationship comprehensively and effectively, laying foundations for realizing the business opportunities in various areas where the two parties have built up their growing strengths, such as international payments and trade finance; bilateral lending; corporate finance and customer referral, assisting the long-term development of the two banks as well as bringing considerable benefits to the two nations’ businesses and people.  

At the signing ceremony, speaking on behalf of BIDV, Mr. Le Ngoc Lam – Senior Executive Vice President of BIDV emphasized the similarity of BIDV and SBI as the two largest banks in their respective countries, considering this as a solid basis for both sides to cooperate at further depth and width. He also asserted his strong belief that the parties shall actively implement the agreed cooperation activities under this MOU.

Mr. Swaminathan J. – Chief General Manager of Financial Institutions Group in State Bank of India shared his views with Mr. Le Ngoc Lam, and expressed that the MOU affirmed the two banks’ desire to consider each other an important and priority partner in the market, committing to develop the long term and close relationship on the basis of combining the strengths of each party for the mutual benefits of its customers, the two banks and the two nations.

For BIDV and SBI are the two largest banks in Vietnam and India respectively, the signing of the MOU between the two parties is a remarkable event to celebrate the 45-year diplomatic relations between Vietnam and India, opening a new page of cooperation between the countries’ banking systems in general and the two banks in particular.

About BIDV:

Established in 1957, BIDV is the largest commercial bank in Vietnam with total assets of more than VND1.1 quadrillion (equivalent to USD49 billion) as of 30 June 2017. BIDV operates in different areas of banking, insurance, securities, investment, etc. It has around 1,000 transaction points in all provinces of the country along with overseas subsidiaries and representative offices. BIDV has set up correspondent relationships with more than 1,400 banks and branches from 122 countries and territories around the world.

About SBI:

Established in 1955, SBI is the largest bank in India with 61 percentage owned by the Government of India. The bank has joined the league of Global Top 50 Banks with total assets of around USD531.25 billion. SBI has over 278,000 employees, 24,017 branches and 59,000 ATMs, serving more than 400 million customers. SBI has an extensive overseas network of 198 offices in 35 countries.

For more information, please contact:

Bank for Investment and Development of Vietnam JSC (BIDV)

Financial Institutions Department,

Email: bandctc@bidv.com.vn

Website: www.bidv.com.vn

Tel: 04 2220 0560

Fax: 04 2220 6615