[sbinews] SBI eyes more banks in Asia, Africa (Economic Times)
- From: Rajendra S Pai <rspai@xxxxxxxxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Fri, 18 Feb 2005 18:58:19 -0800 (PST)
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SBI eyes more banks in Asia, Africa
(Economic Times)
PTI[ THURSDAY, FEBRUARY 17, 2005 05:31:37 PM]
NEW DELHI: As part of its vision to become a multinational corporation, State
Bank of India is now scouting for more banks in South Asia and Africa while
steadily consolidating its seven associate banks.
"We are scouting a couple of countries in Asia and Africa to acquire a bank. We
had recently acquired a bank in Mauritius," SBI chairman A K Purwar said on the
sidelines of a function here on Thursday.
SBI recently concluded an acqusition of Mauritius-based Indian Ocean
International Bank Ltd for about $8 million. SBI picked up 51 per cent stake in
the bank.
The retail banking outfit, listed at Mauritius Stock Exchange, was founded in
1978 and has a market share of 7-10 per cent.
The move is part of the bank's efforts to become a multinational bank having a
global presence
Asked about the consolidation process in the country, Purwar said, "The merger
of SBI with its assotiates is not in cold storage. We are moving in that
direction. It will take some time."
SBI plans to virtually merge the associates banks in terms of technology,
business process, accounting system, which would reduce the cost substantially,
he said.
At present, SBI and its seven associates -- State Bank of Patiala, State Bank
of Bikaner and Jaipur, State Bank of Indore, State Bank of Saurashtra, State
Bank of Mysore, State Bank of Hyderabad and State Bank of Travancore -- have
over 40 per cent share of Indian banking market.
The SBI group has over 14,000 branches all over India and in most of the
overseas markets.
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