[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

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 

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