New Delhi, May 11 (KNN)  State Bank of India (SBI) has signed a Memorandum of Understanding (MoU) with the Industrial Bank of Korea (IBK) to develop and strengthen business activities of Korean small and medium enterprises (SMEs) who are clients of IBK, entering or already operating in India.

The agreement will help about 480 Korean small and medium enterprises operating in the country, SBI said in a statement here. 

In the absence of a branch of the Korean bank in the country, "this agreement will assist Korean companies to meet their financial requirements", it said. 

Additionally, it would also help SBI in channelising business for its upcoming representative office in Seoul.   
 
The agreement was signed by SBI Managing Director of International Banking Hemant Contractor, and Chairman and Chief Executive of Industrial Bank of Korea Jun-Hee Cho.

SBI is also setting up a representative office in Seoul. The MoU will help SBI get more Korean business not only for domestic branches, but also in that country. (KNN)