SBI targets 30 offshore branches next year
By Joseph Samson
Dec 27, 2010
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The largest lender of the country, State Bank of India has set a target of opening 30 overseas branches in the next year. The move would be to increase the size of the global balance sheet of the bank.

"We plan to add about 30 more overseas offices in our network in the next 12 month," a senior SBI official said.

He added that these branches mainly focus on the Indian operations and cater to the international requirements of the foreign customers apart from carrying out retail business.

Offshore business currently comprises 16% of the total business of the bank. Foreign offices of the bank increased in number from 92 in 2009 to 142 as on March 31, 2010.

In the domestic arena, the bank has 611 new branches and 4206 new ATMs to its kitty.


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