Wolters Kluwer Financial Services announced today that 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, State Bank of India 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).
After selecting Wolters Kluwer Financial Services' regulatory reporting solution in 2006, when 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, State Bank of India took the opportunity to centrally manage its compliance commitments across China as it continues to expand, through optimization of Wolters Kluwer Financial Services' automated regulatory reporting capabilities.
"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."
Wolters Kluwer Financial Services' regulatory reporting solution covers 50 countries' individual regulatory requirements, covering the full spectrum of reporting types: statutory (balance sheet reports, profit and loss reports), prudential (capital adequacy reports, liquidity reports), statistical (securitization reports, banking statistics) and transactional (MiFID reports, balance of payments reports).