SBI overseas branches up by 50

Despite the global financial crisis,the countrys largest lender State Bank of India SBI has increased its overseas branches by almost 50 per cent,said a top official here. As we have spread our overseas branches across 32 countries in the world,we have increased our foreign office branches from 92 as on March 31,2010 to 142 as on March 31,2010 , said SBI chairman OP Bhatt at its 55 th Annual General Meeting held here today.

During the year,the bank has opened six new overseas offices at Clementi,Marine Parade and Toa Payoh in Singapore,Kowloon in Hong Kong,Harrow in the UK and Lenasia in South Africa,and one branch by the banks wholly owned USA subsidiary,SBI California Ltd,at Washington DC. Also,the bank has opened its overseas subsidiaries offices namely Bank SBI Indonesia 5 offices,Nepal SBI Bank 3 offices and SBI Mauritius 1 office.

We have also increased our stake from 50 per cent to 55 per cent in Nepal SBI Bank,during the FY2010,making it the banks sixth foreign banking subsidiary, the SBI chief said.