SBI plans to grow presence in US, UK, UAE

Enthused by a massive 54 per cent growth rate in international loans, the country's largest lender, State Bank of India, is planning to strengthen its presence in countries including the US and the UK which have strong links with India.

"Initiatives are under way to strengthen business in countries with a strong India linkage like the USA, UK and UAE," The Times of India quoted a senior SBI official as saying.

Currently, SBI has seven branches in the US and about six in the UK, while the bank has exchange services in the United Arab Emirates (UAE).

''SBI plans to become a major player for non-resident Indians'' the source said. ''The restructuring of the international business is under way to enable new business model,'' he added.

During 2008-09, the SBI international credit portfolio increased by 54 per cent to Rs86,267 crore against Rs56,196 crore in the previous year.

''There is significant credit growth despite the global meltdown,'' he said. At the same time, the bank last year, along with its subsidiaries and joint ventures abroad, opened nine offices, including full-fledged retail operations in Singapore, last year.