SBI Canada's, business grows by 20 per cent in 2008 | india | Hindustan Times
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SBI Canada's, business grows by 20 per cent in 2008

india Updated: Jan 27, 2009 00:21 IST

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Despite global economic downturn, State Bank of India in Canada saw an overall business growth of 20 per cent in 2008, and was unaffected by financial crisis faced by Western countries banks, a top bank official said in Toronto on Monday.

SBI President and CEO, Canada, Arun Nagarajan said that the bank advanced $ 597 million and received deposits of $ 563 million in 2008 against $ 520 million and $ 445 million respectively a year ago, showing an overall growth in business up to 20 per cent.

Nagarajan said that the profit was retained at the same level of $ 3.3 million for the year ended 2008 as against $ 3.4 million in 2007 based on un-audited figures.

The bank which has already seven branches in the country: four in Toronto and three in British Columbia, was considering opening up branches in Alberta and Quebec Provinces to have larger presence, according to CEO.

Referring to innovative products launched by the bank, Nagarajan said that the bank was offering Super Saver Scheme, a hybrid account that allow the account holder checking facility and GIC interest of three per cent per annum on daily balance amount, which is very well received by the market.

Nagarajan said that SBIC has launched free remittance facilities to Indo-Canadians and others who wanted to remit funds of over $ 5000 to India, in a special campaign till March 2009. The remittances are credited to individual accounts within 24 hours if the recipient has an account with the SBI, and within 2 business days to accounts of any other bank in India.

Besides, the bank has also launched a New Tax Free Savings Account (TFSA) with a ceiling of $ 5000 per annum for investment, giving an interest rate of 3 per cent, highest offered by any bank in Canada, which is very popular with the customers, the CEO said.