SBI Canada registers 50% growth, business touches $1bn

SBI Canada registers 50% growth, business touches $1bn


Toronto: The State Bank of India, Canada has achieved 50% growth in its business with the total touching nearly $1billion during 2007, according to Arun Nagarajan, president and CEO.

“The bank has achieved 50% growth in deposits and advances during 2007 and targeted to double its business to $2 billion by end of 2008 by diversifying its operations and providing complete financial services to its customers," he added.

The bank now provides complete financial services to personal and corporate clients with the support of Royal Bank of Canada and Bank of Montreal and would be launching its debit card in January 2008.

It plans to enter into areas of providing consultancy services for mergers and acquisitions and setting up business in Canada for Indian companies and has formulated a strategic plan to attract South Asian immigrants, a largely untapped market of new clients worth an estimated $3 billion a year.

“We want to help South Asian new comers to Canada in banking, real estate and business before even they set foot in Canada," he informed.

He also made it clear that they were not competing with Canada’s biggest bank, but were wanting to be pro-active, with formulated immigrant friendly policies.