Sources at the Bank of Israel said last week that the Bank had approved in principle the operation of State Bank of India (SBI) in Israel
The bank is set to open a branch in the Diamond Exchange in Ramat Gan later this year.
The SBI is ranked as the world’s 83rd largest bank and is known as the largest commercial bank of its kind in India with 75 branches in 35 states.
Avi Eckstein Deputy Supervisor of Banks said last week that the Bank of Israel ” has noticed an increasing willingness on the part of foreign banks to operate in Israel, a development that can be attributed to the stable economic environment”.
He also attributed the interest by foreign banks to operate in Israel to the recognition of Governor of the Bank of Israel Prof. Stanley Fischer as a leading figure in international banking community.
It was also made known last week that the French Bank BNP Paribas (BNP) which runs a ‘business consulting office’ in Israel since 1996 is interested to open a commercial branch and launch full banking operations this year.
