SBI to open representative offices in Brazil, Myanmar shortly

Aiming to enhance its global footprint, India's largest commercial bank, State Bank of India is venturing into Brazil and Myanmar besides planning to enhance operations in the subcontinent, an official said here on Friday.

"We are planning to open a representative office in Brazil. We already have got the license and we are in an advanced stage of talks with the Brazilian authorities for opening the office," a senior bank official told media persons here during the announcement of the bank's annual financial results.

He said the office, to be located at Sao Paolo, will come up in the next 2-3 months.

"We are also planning to make our operations in immediate neighbouring countries better. We are looking to deepen our product mix and offerings in Sri Lanka and Bangladesh operations and we are just about to open a representative office in Yangon in Myanmar," said SBI chairperson Arundhati Bhattacharya.

The bank has also requested the regulators in Myanmar to consider upgrading the upcoming representative office to a full-fledged branch.

"The Indian neighbourhood is very important for us. Our Nepal joint-venture has 56 branches and we were one of the first banks to commence operations shortly after the recent earthquake", she said.

Bhattacharya said in China, SBI has two branches. However, one of the branches is yet to commence operations.

"We already have got the license but we haven't yet opened the other branch," she said.

As per the bank's website, it has presence in 24 countries across the globe.