State Bank of India centralises China reporting
State Bank of India has chosen tools for its new Chinese branch in the northeastern port city of Tianjin from Wolters Kluwer, which it says will help the bank deal with China’s regulatory reporting requirements.
Using the Wolters Kluwer regulatory reporting solution, the bank will submit its operational, financial and accounting reports to the People’s Bank of China, China Banking Regulatory Commission and China State Administration of Foreign Exchange.
State Bank of India is one of India’s ‘big four’ banks, with 17,000 branches in India and 34 other countries around the world. The public sector bank has been active in the Chinese market since 2006, when it set up a head office in Shanghai. However, when it established a new branch in Tianjin it took the chance to centrally manage its compliance across China by using Wolters Kluwer’s automated regulatory reporting tools.
“We are exceptionally proud of our strong relationship with State Bank of India, now in its seventh year and their decision to select our regulatory reporting solution for its new branch is a testament to that relationship and the continuous work of our team of experts in China,” said Chris Puype vice president, APAC at Wolters Kluwer Financial Services. “With the plethora of differing reports required by the three regulatory bodies in China, including the latest instalment announced at the end of 2012, SAFE No.36, our experience of regulatory reporting, spanning over 20 years, means State Bank of India has made the right choice.”