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Showing posts with label corporate office. Show all posts
Showing posts with label corporate office. Show all posts

Monday, 20 February 2017

07:19

State Bank Of India collaborates with Korea Development Bank; launches Korea Desk in Mumbai

State Bank Of India collaborates with Korea Development Bank; launches Korea Desk in Mumbai

New Delhi , Feb 15 : State Bank of India (SBI) on Wednesday announced its collaboration with the Korea Development Bank (KDB), which was inaugurated by the State Bank's Chairman Arundhati Bhattacharya and Vice Chairman Dai Hyun Lee (KDB) in the presence of H.E. Soung-eun Kim, Consul General of the Republic of Korea for set up of a 'Korea Desk' in Mumbai.

The bank aims to be the window to inbound Korean Investments in India and vice-versa, which will facilitate the establishment of banking relationship with the Korean corporates and the Korean nationals, provide information on industries, sectors etc.

However, such information can be utilized by the Korean corporate for taking an appropriate decision for their business expansion and securing rupee funding in India etc. The Project advisory and appraisal, rupee funding, forex hedging and other treasury services will all be made available through the window of the Korea Desk.

With its strong presence overseas, the State Bank of India has its overseas operations covered under International Banking Group which accounted for 14.69 percent of the Bank's Balance Sheet and 42.06 percent of the Bank's profit in FY 2016.

Trade between India and South Korea is rising steadily over the period of time and trade between both countries in 2015-16 was USD 16.89 billion.

The signing of revised India-South Korea Double Taxation Avoidance Agreement and Comprehensive Economic Cooperation Agreement (CEPA) envisages a greater co-operation between the two countries and renewed interest amongst the Korean corporate.

Emphasis by the Government of India on "Make in India" has thrown open numerous opportunities to the Korean Corporates to invest in India in areas such as technology, defence, ship building, etc.

As a premier bank of India, SBI is keen to be a partner in the growth of economic relations between India and Korea and has taken the initiative to set up a Korea Desk in Mumbai in collaboration with the Korea Development Bank, to cater to the needs of the Korean Corporates in India.

The Korea Development Bank is a leading bank in Korea providing credit facilities to the Korean Corporates. This collaboration between SBI and KDB would provide opportunities to the Korean Corporates to leverage the strengths and reach of SBI to expand their business in India.

Korea Desk is headed by Woong Soo Choi, a representative of the Korea Development Bank.

 Source:Kerala News
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Thursday, 11 February 2016

11:25

Top 10 groups that figure in the ‘House of Debt’ are Essar, Reliance ADAG, Adani, GMR, GVK, Lanco, Jaypee, JSW, Videocon and Vedanta.

Top 10 groups that figure in the ‘House of Debt’ are Essar, Reliance ADAG, Adani, GMR, GVK, Lanco, Jaypee, JSW, Videocon and Vedanta.

Start repaying bank loans, Govt tells corporate majors

TAKING a tough stance to address the bad loan crisis, the government has asked about a dozen big corporate groups — some of the biggest borrowers from public sector banks — to start repaying loans at the earliest by selling off their non-core businesses.

“If we declare them as defaulters or classify their borrowings as bad loans, the market will smell ‘distress’ on any asset they want to sell. We have spoken to some of them and asked them to start paying back over the next couple of months,” a senior government official told The Indian Express.

The official said, “We all know who these industrialists are, and how much they have borrowed.” According to the official, loans taken by companies in the small and medium enterprise (SME) segment make up a bulk of the public sector banks’ non-performing assets.

A Credit Suisse report in October 2015 that analysed the debt of top 10 corporate houses said their combined borrowings had touched Rs 7,33,545 crore, 16 per cent more than in 2013. The 2013 report, called ‘House of Debt’, had estimated their cumulative debt at Rs 6,31,024 crore. The rising stress, it said, was visible in multiple instances of default over the past year.

The top 10 groups that figure in the ‘House of Debt’ are Essar, Reliance ADAG, Adani, GMR, GVK, Lanco, Jaypee, JSW, Videocon and Vedanta.

“The promoters of some of these companies have conveyed to the government that they are in the process of selling their assets to pay back. Jaypee and Reliance ADAG, for instance, have met senior government functionaries stating their intent to show meaningful progress in repaying the debt,” another official, who did not wish to be named, said.

The government, at its highest level, is tracking the loan recovery progress in banks. “We are keen that stalled projects are revived. We understand that some corporates had over-expanded and some suffered due to policy logjam during the last years of the previous government,” the official said.

Source:BankingNews
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Saturday, 5 September 2015

08:55

SBI shortlists three properties in Kolkata to bring corporate offices under one roof

SBI shortlists three properties in Kolkata to bring corporate offices under one roof

The State Bank of India, India's largest lender, is looking for a 1 lakh sqft property between JL Nehru Road and Park Street in Kolkata as part of a plan to bring its corporate offices in the city under one roof.

It has shortlisted two properties, Standard Chartered building on the crossroads of NS Road and Reliance House on Chowringhee Road, and Prasad Group's upcoming office space project on AJC Bose Road, from among seven applicants after floating tenders.

"We have taken up title investigation for all the three properties and once the price bid is sorted at the end of this month we will be in a position to assess the best deal," said SP Chatterjee, assistant general manager, premises, SBI Kolkata.

All of the state-run bank's zonal and regional offices currently function out of rented properties.

"To acquire a building and operate from under one roof is being done to reduce long-term costs that the bank spends on rentals," said Chatterjee. About 250 employees from the bank's rented zonal and regional office will be expected to shift to the new corporate office.

The bank will finalise the deal by the end of this fiscal and begin operations in the new property after necessary renovations.

While the five-storey Reliance House spreads over 1.10 lakh sqft, the Standard Chartered building dating back to the 1850s is a heritage property located in BBD Bagh area in the city's central business district. The bank is looking at acquiring a modern facility with latest amenities, albeit at the right price. "Given the area of Reliance House the existing market value of the building would be between Rs 15,000 and Rs 18,000 per sqft, while NS Road office space is priced at Rs 13,000-15,000 per sqft," said Champalall Baid, director at Champalall and Co, a city-based real estate firm, one of the seven bidders.

Gopal Prasad, director at Prasad Group, said his company has an advantage over the other two properties.
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