SBI to double branch network in Singapore

06 June 2009

The State Bank of India is planning to increase its branch network in Singapore to eight from four during the current financial year, reports quoting bank officials said.

The move is aimed at increasing the global balance-sheet size, it said. It also has 7 Automated Teller Machines (ATMs) in the country

SBI, according to the report, currently has four branches and the bank plans to add four more branches during the current fiscal.

SBI was present in Singapore since 1977 with an offshore banking licence involved in commercial and wholesale banking.

With branches located in Cecil Street, Little India, Jurong East and Ang Mo Kio, SBI's Singapore operations recorded deposits of US$70 million in 2008-09.

SBI is present in 30 countries through its 73 overseas offices. In commercial and wholesale banking, SBI's operation includes Indonesia, Sri Lanka, Malaysia, Thailand, Myanmar and Vietnam.