Processing .....please wait.. 
The article has been forwarded.... 
SBI on global hunt, targets US bank
By siliconindia
|
Tuesday, 06 April 2004, 19:30 IST
MUMBAI: State Bank of India has embarked on a journey which no Indian bank has ever dared to undertake. The countryÂ’s largest bank, often considered as a proxy for the Indian economy by foreign investors , is in the process of acquiring a bank in the US, the worldÂ’s biggest financial market, reports Economic Times.
The due diligence process is currently on. If negotiations are fruitful and all approvals including regulatory ones are obtained, the deal could be completed in the first half of this fiscal.
When contacted by the daily, SBI chairman AK Purwar confirmed the development. However, he declined to share more details.
Significantly, SBI is not prowling around only in the US market . SBI, with assets aggregating over Rs 375,800 crore, is training its sights on acquisition targets closer home in Asia and Africa as well.
Industry officials also view Sri Lanka as a potential destination for acquisitions. SBIÂ’s overseas strategy is being driven by the fact that Indian corporates are also expanding their activities abroad through acquisitions and joint ventures.