State Bank of India is in advanced stages of opening 23 more branches abroad over the next four months, according to a top SBI official.
He added, “Moving to newer markets is critical for SBI in the backdrop of India’s increasing integration with the rest of the world. We will increase our overseas presence to around 160 branches by March.”
State Bank Of India, which derives around 12 per cent of its total revenue from the overseas business, at present has 137 branches abroad and has the largest overseas presence among domestic banks.
SBI plans to open 10-11 new branches in Nepal and also a branch in Washington where SBI already has a representative office. This will take its total branch-strength in Nepal to 48 from 37. The Washington branch is expected to undertake a mix of business activities, including retail banking.
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