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| SBI to double its branch network in Singapore this fiscal |
| Press Trust of India / New Delhi Jun 05, 2009, 15:24 IST |
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The State Bank of India is planning to double its branch network in Singapore during the current fiscal with an objective to increase global balance-sheet size.
"We currently have four branches and the bank will open another four branches during the current fiscal," a top SBI official told PTI.
SBI was present in Singapore since 1977 with an offshore banking licence involved in commercial and wholesale banking.
However, the country's largest lender got qualified full banking (QFB) licence in October 2008 and subsequently opened three more branches.
With this, SBI launched a suite of retail banking products which complemented its existing corporate banking products, and enabled to service both individual and corporate customers, he said.
SBI Singapore collected $70 million deposits in 2008-09.
Branches of the bank are located in Cecil Street, Little India, Jurong East and Ang Mo Kio.
As far as ATM is concerned, the bank has 7 ATMs in the country.
SBI got QFB status as part of reciprocal measure to allow DBS Bank of Singapore to open eight more branches in India by the Reserve Bank of India.
It is the first Indian bank to get such privileges which enables it to establish up to 25 branches, including ATMs over a period of time.
The reciprocal permission follows signing of the Comprehensive Economic Cooperative agreement between India and Singapore. Under CECA, the two countries had agreed to open up the financial sector.
SBI is present in 33 countries through its 88 overseas offices. In commercial and wholesale banking, SBI's operation includes Indonesia, Sri Lanka, Malaysia, Thailand, Myanmar and Vietnam.
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