The largest lender of the country, State Bank of India has set up an ambitious target of exploring its offshore business opportunities even further. In order to increase its penetration level abroad, the lender has planned to set up 100 new overseas branches in coming two years time.

Half of the target number of branches are aimed to be opened by end of this fiscal only by the bank, said Chairman, Mr Pratip Chaudhuri.

The total overseas branches of the bank presently stands at 165.

The bank aims to set new branches in countries like Nepal, Singapore, Australia, New Zealand, Saudi Arabia and Qatar by end of this financial year. Along with this, it plans for eight branches alone in London.

Speaking about plans of any further mergers of the bank with its associate bank, Mr Chaudhuri said, "Currently, we are not looking at any new mergers. However, after 2012, we would look at the issue afresh."