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SBI to increase presence in the USA, UK and UAE

SBI to increase presence in the USA, UK and UAE
PTI
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First Published: Thu, Jun 25 2009. 04 14 PM IST
New Delhi: Enthused by a massive 54% growth rate in its international loan book, the country’s largest lender, State Bank of India, is planning to strengthen its presence in countries including the US and the UK which have strong India links.
“Initiatives (are) under way to strengthen business in countries with a strong India linkage like the USA, UK and UAE,” a senior SBI official said.
Currently, SBI has seven branches in the US and about six in the UK while the bank has exchange services in the United Arab Emirates (UAE).
SBI plans to become a major player for Non-Resident Indians (NRIs), he said.
The restructuring of the international business is under way to enable new business model, he added.
During 2008-09, the SBI international credit portfolio increased by 54% to Rs86,267 crore against Rs56,196 crore in the previous year.
There is significant credit growth despite the global meltdown, he said.
At the same time, the bank last year, along with its subsidiaries and joint ventures abroad, opened nine offices, including full-fledged retail operations in Singapore, last year.
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First Published: Thu, Jun 25 2009. 04 14 PM IST
More Topics: SBI | USA | UK | UAE | NRI |