SBI bets big overseas; plans to open 23 branches by March
The State Bank of India, which enjoys the largest overseas presence among local lenders, is in the advanced stages of opening 23 more branches abroad over the next four months, a top SBI official said.business Updated: Nov 29, 2009 10:29 IST
The State Bank of India, which enjoys the largest overseas presence among local lenders, is in the advanced stages of opening 23 more branches abroad over the next four months, a top SBI official said.
This will take the total number of SBI branches in foreign countries to 160 by March, from 137 presently, enabling the lender to consolidate its position as a financial services conglomerate in the global landscape.
SBI currently derives around 12 per cent of its total revenue from the overseas business.
"Moving to newer markets is critical for SBI in the backdrop of India's increasing integration to the rest of the world. We will increase our overseas presence to around 160 branches by March," the official told PTI in Mumbai.
The banking giant plans to open 10-11 new branches in Nepal -- the country where SBI has largest foreign presence, by March. This will take its total branch-strength in Nepal to 48 from 37 now.
In Washington, where SBI already have a representative office, the bank plans to open one branch shortly that will undertake a mix of business activities, including retail banking, the official said.