[sbinews] SBI plans to add 27 more overseas offices by '05 -Economic Times
- From: Rajendra S.Pai <rajendra.pai@xxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Sun, 30 Nov 2003 00:13:28 +0530
SBI plans to add 27 more overseas offices by '05
TIMES NEWS NETWORK[ SATURDAY, NOVEMBER 29,
2003 12:21:38 AM ]
MUMBAI: State Bank of India (SBI)has said that it plans to increase
the number of overseas offices to 75 by the year ?05. At present, the
bank?s overseas network comprises 48 overseas offices spread over
28 countries covering all the time zones.In a statement issued here the
bank said that it plans to open up a host of foreign offices in a bid to
ramp up its foreign operations. Along with branches the bank is also
planning to increase the number of offices under its international
ventures. The bank has recently opened its second branch in
Bangladesh at Chittagong . Its joint venture bank in Nepal may also
increase its presence there. Similarly in Sri Lanka , the bank is
opening a second branch in Kandy . In Russia SBI has proposed to
set up a joint venture bank together with Canara Bank with 60:40
shareholding. The Russian operations, which will be headquartered at
Moscow , is expected to be opened shortly. The bank is also
upgrading its representative office in Shanghai , China into a full-
fledged branch. Other representative offices which are being
upgraded are the bank?s Australian office in Sydney . The bank is also
opening up an additional office in South Africa in Port Elizabeth . The
expansion comes two years after the bank decided to rationalise its
international operations by closing down operations in Sao Paulo-
Brazil, Jakarta-Indonesia and Ho Chi Minh City-Vietnam. The bank
had also shut down another fully-owned subsidiary in London - SBI
European Bank (SEBAL) in `01. The foreign operations in US had
received a setback just over a year ago after the US Federal Reserve
issued a cease and desist order and a civil money penalty of $3.8m to
the Federal Reserve and Federal Deposit Insurance Corporation and
an civil monetary payment of $3.8m to New York State Banking
Department. Having resolved all the regulatory issues in the US the
bank now plans to increse the number of offices that is operated by its
wholly- owned subsidiary in California ? SBI (California). The
subsidiary operates four offices in California which is expected to go
up to five shortly. Besides this in USA , SBI now operates two
branches at New York and Chicago and an agency at Los Angeles .
While the bank?s foreign subsidiaries had a drop in profit in `02-03,
the joint ventures abroad showed improved performance during the
year. SBI?s wholly-owned international subsidiaries are SBI Canada
and SBI California. Other subsidiaries, which are not wholly-owned
are Indo Nigerian Merchant Bank, Nigeria and SBI International (
Mauritius ). SBI has also two joint ventures with a strong domestic
partner - Nepal SBI Bank and Bank of Bhutan.
The foreign offices made a net profit of Rs 109 crore during `02-03.
The foreign branches had deposits of around Rs 7,257 crore on
March `03, while deposits of joint ventures stood at Rs 1,149 crore.
The subsidiaries share of international deposits stood at Rs 1,090
crore
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