SBI all set to launch Saudi operations

State Bank of India (SBI), the country's largest lender, is all set to start operations in Saudi Arabia. The Jeddah office will be in place in the next 4-6 weeks, Hemant G Contractor, managing director and group executive (international banking), SBI, said.

The announcement comes close on the heels of SBI acquiring office space in Doha, Qatar, following approval by Qatar Financial Centre Regulatory Authority to open a category-I bank branch at the Qatar Financial Centre (QFC).

Contractor, who reviewed the facilities with a team of top officials, said all preliminary work in connection with the setting up of the branch has been done and that the team is all set to go.

He said while the facilities and office are all in place, regulatory clearance from Saudi authorities is expected in the next few weeks.

"We will start soon after the completion of few regulatory requirements. This is expected in the next few weeks. So we will commence operations by next month," the Arab News quoted Contractor as saying.

"We have completed all other procedural requirements and all necessary infrastructure is in place. We are ready in all aspects to launch operations in Jeddah," Contractor added.