SBI plans to venture in South Korea and Sao Paulo
By Vaibhav Aggarwal
Jan 3, 2011
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The largest lender of the country, State Bank of India is planning to expand its business in South Korea, Botswana and Sao Paulo this year.

"The bank is looking at opening a representative office in Brazilian city Sao Paulo and a full service branch in South Korea," a senior SBI official said. The bank plans to set up a representative office in Botswana.

Currently the lender has 151 offices across 32 countries including US, the UK, Singapore, Canada and Mauritius. The offshore subsidiaries of the bank currently contribute to 16% of the total business.

The offshore offices of the bank saw a rise from 92 as on March 31, 2009 to 142 as on March 31, 2010.

In the domestic front, the bank has set up 611 new branches and 4,206 new ATMs between October 2009 to September 2010.


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