SBI to open 23 new overseas branches by Mar 2010

Mumbai, Nov 30: Indian banking major, State Bank of India (SBI) is opening 23 more branches abroad by Mar 2010 in a bid to increase its overseas presence.

"Moving to newer markets is critical for SBI in the backdrop of India''s increasing integration with the rest of the world. We will increase our overseas presence to around 160 branches by March," a top SBI official was quoted as saying in a news agency report.

Tha bank will be opening 10 to 11 new branches in Nepal, where it already has 37 branches.

The banks also plans to open one branch in Washington that will undertake a mix of business activities, including retail banking, the official informed.

Among the domestic banks, SBI boasts of the largest overseas presence. At present, SBI has 137 branches abroad and gets 12 per cent of its revenue from its business abroad.

OneIndia News