Supervisor of Banks at the bank of Israel, Mr. Yoav Lehman said last week in an interview with a leading Indian newspaper that the official process for the setting up of the first State Bank of India (SBI) branch in Israel, has been completed
Following Lehman's statement it was made known that the branch will be located at the Diamond Exchange complex in Ramat-Gan.
Lehman added that the decision to open a branch was taken because the diamond trade between the two countries has been growing steadily. At present, there are over 30 Indian diamond merchants operating from Ramat-Gan’s Diamond Exchange.
Israel’s diamond trade with India is regarded in terms of value, second only to Japan.
It is estimated that the volume of trade runs at about USD 2 billion a year.