[sbinews] SBI to open its 3rd branch in Bangladesh soon (Business Standard)
- From: "Rajendra S. Pai" <rspai9@xxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Wed, 30 Jun 2004 20:17:42 -0700 (PDT)
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SBI to open its 3rd branch in Bangladesh soon
(Business Standard)
Our Banking Bureau / Mumbai June 30, 2004
State Bank of India (SBI) will be opening its third
branch in Bangladesh shortly. It already has presence
in Africa and other Asian countries.
As part of its business expansion strategy, the bank
plans to focus on overseas expansion and
infrastructure lending in the current fiscal, said A K
Purwar, chairman, SBI, in the bank?s annual report for
2003-04.
During 2003-04, the bank started its operations in
Chittagong, Bangladesh, Port Elizabeth and Capetown in
South Africa. In a bid to restructure its US
operations, SBI wound up its downtown service branch
in New York and relocated its activities with the New
York branch.
The banks net profit from overseas operation rose by
21.87 per cent to Rs 156.85 crore in 2003-04 against
Rs 128.7 crore in the previous fiscal.
The deposits and gross advances of the foreign offices
(excluding subsidiaries and joint ventures) stood at
Rs 8,820.46 crore and Rs 15,991.22 crore,
respectively.
In an effort to step up infrastructure lending, the
bank in the current fiscal would focus on core sector
such as power, telecom, petroleum, oil, gas, paper
boards and hotels, said Purwar.
The bank is also planning to have increased exposure
to auto components, rice mills, brassware and agro
pumpsets industry. In retail sector, the bank is
greatly focussed on contract farming where big
companies are involved.
Apart from this, the bank would continue to remain
aggressive in retail banking, SMEs and personal
banking, he added.
The bank is also undertaking a business process
reengineering project with Mckinsey & Co as advisor
for the project. The objective of this exercise is to
strengthen the banks ability to acquire new customers.
=====
From:
R.S.Pai
Web Address: http://rspai.tripod.com
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