NOTE: SBINEWS DOES NOT PERMIT CIRCULATION OF ATTACHMENTS. ATTACHMENTS, IF ANY, CIRCULATED WILL BE ONLY BECAUSE OF VIRUSES. PLEASE,THEREFORE, IGNORE ATTACHMENTS IF ANY IN SBINEWS MESSAGES ************************************************************************ SBI assessing two banks for buyouts (Business Standard) Debjoy Sengupta / Kolkata June 01,2004 The State Bank of India (SBI) has zeroed in on two foreign banks both of which it intends to acquire in the next few months ? one each in Africa and Asia. It has also engaged a consultant for advising the company on the process of acquisition. The bank has, in fact, initiated due diligence in one case and has entered into talks for acquiring a controlling stake in another, A K Purwar, chairman of SBI, told Business Standard. Purwar declined to name the bank where due diligence is on, but said the process was likely to be completed in the next three to four months. ?Talks with the second bank could also conclude by then,? he explained. According to sources in the bank, this would be followed by due diligence of this bank too, before acquisition. SBI hopes to complete the whole process by the end of the current fiscal. ?We would announce the acquisition by March 2005,? informed Purwar. In a parallel development, SBI has also firmed up plans of setting up a bank in joint venture with a local partner in Senegal. ?The idea is to enhance our presence in areas overseas where there are large Indian population. We intend to take over banks in areas which will provide us with an edge and enhanced presence as part of our strategy to increase business from foreign operations,? Purwar explained. Meanwhile it has also firmed up plans of enhancing its presence at 70 locations in 36 countries by end of the current fiscal. It also intends to more than double its net profits from foreign operations to over $80 million, which stood at $40 million in 2003-04. The largest commercial bank has in fact firmed up plans of opening a third branch in Bangladesh, and additional branches in Indonesia, Malaysia, Thailand, Myanmar. It will also open representative offices in Angola, and a subsidiary in Botswana. Earlier, SBI announced that its net profit for the financial year ended March 31, 2004 rose 18.55 per cent to Rs 3,681 crore, up per cent from Rs 3,105 crore posted in the previous fiscal. Consolidated income rose to Rs 52,484 crore from Rs 49,254 crore. SBI will pay a dividend of 110 per cent, including a special dividend of 10 per cent. Earnings per share rose to Rs 105.09 from Rs 79.78 in 2002-03 in the banks consolidated accounts. ===== From: R.S.Pai Web Address: http://rspai.tripod.com __________________________________ Do you Yahoo!? Friends. Fun. Try the all-new Yahoo! Messenger. http://messenger.yahoo.com/ *************************************************************************** Mailing list (sbinews@xxxxxxxxxxxxx) related information: News/articles about SBI and Banking related matters published in the print media, Internet etc will be circulated through this Mailing List. The messages in this list will help in improving awareness of SBI and its activities vis-a-vis the happenings in the Banking industry. This should be of help to all staff members of SBI, particularly those who are preparing for promotional written tests/interviews/group discussions. Subscription to this Mailing List is simple and FREE. Please check the procedure below. Please share this information with other colleagues/branches that could be interested in subscribing to this Mailing List. The messages circulated here should not be deemed to have the official endorsement of the SBI or any of its employees. The correct factual position may be ascertained from official sources. To join this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx with the word 'subscribe' without the quotes in the subject of the email message. To leave this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx with the word 'unsubscribe' without the quotes in the subject of the email message. Archives (old messages) are available for viewing at: //www.freelists.org/archives/sbinews Click on the month-year at the lower left corner to view messages posted during that month. This is an announcements/newsletter type mailing list i.e. only the Moderator/s can post messages to the list. This mailing list is maintained and moderated by Sri. R.S.Pai, currently working as Chief Manager(IT-Internet Banking), SBI, Corporate Centre, Mumbai. Visit http://rspai.tripod.com for some useful Banking, Reference and Utilities Links