Wolters Kluwer Financial Services has announced that the State Bank of India, the largest multinational financial institution in India by assets, has selected its regulatory reporting solution for its newly opened branch in Tianjin, in order to comply with the reporting requirements in China.
Under the deal, the State Bank of India will submit the operational, financial and accounting reports required by the People's Bank of China, the Banking Regulatory Commission and the State Administration of Foreign Exchange (SAFE).
After selecting Wolters Kluwer Financial Services's regulatory reporting solution in 2006, when the State Bank of India first entered the Chinese market, the financial institution has continued to use the solution in its China head Office, based in Shanghai.
With the new branch in Tianjin, the State Bank of India took the opportunity to centrally manage its compliance commitments across China as it continues to expand, through optimisation of Wolters Kluwer Financial Services's automated regulatory reporting capabilities.
Chris Puype, vice president at Wolters Kluwer Financial Services, said: "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.”
“With the plethora of differing reports required by the three regulatory bodies in China, including the latest installment 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."
