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SBI eyeing Bank Indomenex of Indonesia for acquisition
Mumbai: The State Bank of India is considering the Pt Bank Indomonex of Indonesia as a possible acquisition.

According to sources, State Bank of India (SBI) has already held a few rounds of discussions with the management of the Indonesian bank, and a final decision is likely to be taken over the next few weeks.

If it fructifies, the acquisition will be SBI's fourth overseas acquisition. And part of its efforts to establish itself as a global player.

In February this year, SBI had picked up 51 per cent stake in Mauritius-based Indian Ocean International Bank Ltd. It has also acquired Nal Bank of Nigeria and Giro Commercial Bank of Kenya.

SBI had earlier merged its Nigerian subsidiary, Indo Nigerian bank, with Nal Bank. The bank has already set up branches in Sydney and Muscat, and is currently in the process of bidding for Rupali Bank of Bangladesh. In addition to this, the bank is also in the process of setting up branches in South Korea, Shanghai and Angola.
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SBT gets national award
Thiruvananthapuram: The State Bank of Travancore (SBT) has bagged the national award instituted by the Ministry of Small Scale Industries for excellence in lending to the small-scale industries (SSI) sector where it topped all associate banks of the State Bank of India during 2004-05.

Om Prakash Bhatt, Managing Director, received the award and citation from the President, Dr A.P.J. Abdul Kalam, at a function held in New Delhi. SBT has won the award for the second year in succession.

A spokesman for the bank said credit sanctioned to the SSI segment registered a growth of Rs292.90 crore during the year under reference. SBT has the five SSI branches in the State at Thiruvananthapuram, Kottayam, Ernakulam, Alappuzha and Thrissur.
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