SBI strengthens its market in U.S., U.K.
A senior SBI official said, "Initiatives are going on to strengthen business in countries with a strong India linkage. We are restructuring our business model to become a major player for Non-Resident Indians (NRIs)."
To grow in international market, the bank along with its subsidiaries and joint ventures abroad opened nine offices including full-fledged retail operations in Singapore. To boost retail operations in Singapore, SBI opened three new branches and seven ATMs. One branch and a sub-office were added to the network in Male, capital of Maldives and a representative office in Tianjin in China.
Besides, SBI California, the bank's wholly owned subsidiary in the U.S., opened its seventh branch in the country at Bakersfield. PT Bank Indomonex, a partly owned subsidiary in Indonesia, also opened two branches during the year.
"In the end of 2008, the bank had a network of 92 overseas offices spread over 32 countries covering all time zones," said SBI official. The 92 offices comprised 37 branches, five sub-offices, eight representative offices, 35 branches of subsidiaries and three managed exchange companies.
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