The public sector bank, State bank of India, has set up two new overseas branches, this time in South Africa. The new branches have been opened Chatsworth and Laudium. This step increases the total number of SBI branches in South Africa to 7 - the bank already has five operational branches in the country in Durban, Port Elizabeth, Lenasia, Johannesburg and Cape Town.
India's largest bank, SBI, issued a statement to announce the setting up of two new overseas branches, in which it said that it is the only international bank which has been allowed to carry out retail banking operations in South Africa.
On the matter, the Regional Head (Africa) of SBI, Mr. Geevarghese Vaidyan said that with the increase in trade ties between both the countries, the growing economic and political relations between India and South Africa encouraged SBI to expand its operations in South Africa.
Currently, in the African continent, SBI has presence in four other countries - Egypt, Angola, Mauritius and Nigeria.