[sbinews] SBI to wire up entire 9,000 branches by next fiscal-end (Financial Express)
- From: "Rajendra S. Pai" <rs.pai@xxxxxxxxx>
- To: <sbinews@xxxxxxxxxxxxx>
- Date: Tue, 8 Feb 2005 10:04:41 +0530
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SBI to wire up entire 9,000 branches by next fiscal-end
(Financial Express)
MAHUA VENKATESH
Posted online: Tuesday, February 08, 2005 at 0000 hours IST
NEW DELHI, FEB 7: State Bank of India (SBI), which had targeted to network
1,000 branches by the end of this fiscal, has managed to connect about 600
branches so far. The bank has now chalked out a detailed plan to extend the
facility to the remaining 8,000 branches of the total 9,000 branches by the
end of the next fiscal. This would cost the bank about Rs 500 crore.
It is learnt that the bank already spent around Rs 75 crore for this in the
current fiscal.
Sources within SBI said that move to network the branches is key in the
context of the proposed consolidation in the banking sector. They added that
such an exercise of connecting the existing 9,000 branches would be the
first step towards merging the associate banks with the mother bank.
"We may miss the set target of networking 1,000 branches by the end of the
fiscal. However, we are planning to finish the entire exercise by 2006," a
senior SBI official said.
SBI has 54 offices in 28 countries. It is planning to expand its network by
increasing offices to 70 in 36 nations.
SBI chairman AK Purwar had earlier also indicated that the seven associate
banks of SBI would virtually merge with the mother bank soon, as part of the
consolidation process in the banking sector. It may be noted that SBI, which
acquired 51% stake in Mauritius-based Indian Ocean International Bank
recently, is reportedly planning to acquire specified banking businesses in
Asia or Africa. The deals are likely to be inked soon. The bank's
international business operations garner revenues worth $6 billion.
It may be noted that SBI has already chalked out a plan to become a global
bank.
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