Wolters Kluwer Financial Services said that State Bank of India (SBI), the country’s largest multinational financial institution by assets, has selected its regulatory reporting solution for its newly-opened branch in Tianjin, in order to comply with China’s reporting requirements.
Under the deal, SBI will submit the operational, financial and accounting reports required by the People’s Bank of China (PBOC), China Banking Regulatory Commission (CBRC) and China State Administration of Foreign Exchange (SAFE).
SBI selected the group’s regulatory reporting solution in 2006 when it first entered the Chinese market and has continued to use the solution in its China head office, based in Shanghai. With the new branch in Tianjin, SBI took the opportunity to centrally manage its compliance commitments across China as it continues to expand, through optimisation of Wolters Kluwer FS’s automated regulatory reporting capabilities.
“We are exceptionally proud of our strong relationship with SBI, 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 FS.
“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 SBI has made the right choice.”
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