NEWS & ADVICE : PERSONAL LOAN
State Bank of India expands its presence in South Africa
By Vaibhav Aggarwal
Oct 26, 2012
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In an effort to expand its reach to the locals and expatriates in South Africa, India's largest bank, State Bank of India, has set up its seventh branch in the Indian township of Laudium, near Pretoria.

The new branch was inaugurated by Indian High Commissioner Mr. Virendra Gupta, who said that South Africa is considered to be a launch pad by Indian business houses, for investing in Africa, and as a result many big players of Indian business have offices there.

He added, "The increasing trade between South Africa and India, growing political and economic ties between the two nations and the admission of South Africa into the BRICS community of nations have provided the impetus for SBI's expansion in South Africa."

On the matter, the Regional Head (Africa) of SBI, Mr. M.G. Vaidyan said, "SBI's banking presence in the African continent, apart from South Africa, extends to Mauritius, Nigeria, Egypt and Angola. SBI is also in the process of setting up its subsidiary bank in Botswana and is keenly looking to expand to other growing economies of the continent."


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