[FINANCIAL NEWS] State Bank of India is offering trade finance solutions and services to Israeli corporates to help them tap business potential arising out of recent Abraham accords leading to normalisation of ties between Israel and Arab states.
SBI has substantial presence in the Middle East, and the Gulf region in particular, which may act as an enabler and a catalyst for those looking to immediately engage in trade ties with the corporates in the UAE and Bahrain. Trade finance solutions package for Israeli corporates includes bill discounting products for exports worldwide, including India, extending supplier's credit/ LC bill discounting, bill discounting based on reimbursement authorisation from LC issuing bank and receivables financing under open account trade. Other trade related products and services include LC advising, LC confirmation, LC bill collection and bank guarantees. The move has been welcomed by the Israel-India Chamber of Commerce which sees SBI as a "natural partner".