NEWS & ADVICE : EDUCATION LOANS
SBI to expand its overseas branch network
By Neelima Shankar
Dec 2, 2009
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The State Bank of India, which ranks first among local lenders in terms of overseas presence, is in final stages of opening 23 more branches abroad in the next four months.

With this the total number of SBI branches in foreign locations by March would increase to 160 from the current 137, enabling it to bolster its position as financial services provider in the global arena.

SBI's current global business accounts for around 12 percent of its total business.

The largest Indian lender plans to set up 10-11 branches in Nepal, where it has the largest presence, by March. This would take the total number of branches in Nepal to 48 from the current 37.

The bank plans to open a branch in Washington, where it already has a representative office. The branch would offer carry out various business activities including retail banking.

OP Bhatt, SBI Chairman said that the bank would set up an administrative office in the UK by this fiscal's end. It will control all its European operations. State Bank plans to open over 40 new offices globally in the next one year, including five new offices in UK. Presently, SBI has seven branches in UK. Out of the targeted five, the bank plans to open three before March.

The Bank is also planning to strengthen its presence in Maldives and Mauritius.

Other big Indian public sector banks enjoying global presence include Bank of Baroda with 76 branches in 25 countries and Bank of India with 29 branches located abroad.

 


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