SBI Caps plans more global offices

After more than doubling profits in 2004, SBI Capital Markets (SBI Caps), the investment banking subsidiary of SBI, has decided to open more offices outside India.

"Besides the London office launched this week, SBI Capital Markets plans to open offices either in Hong Kong, Singapore or New York - whichever comes first - and one in Dubai," Indrajit Gupta, managing director and CEO of SBI Caps, told PTI in an interview last night.

Gupta, who formally launched the London office, said "SBI Capital Markets, established 19 years ago, has decided to go across the border as the perception of India has changed during the last few years. More and more foreign investors are keen to invest in India now. We feel that this is the correct time to tap the global market for developing new business, guiding funds into India, and being a vehicle for that."

SBI Capital Markets made a profit of $11 million in 2004 as against $5 million in the previous year. "This year, we plan to achieve a profit of $19 million," he said.

Gupta said SBI Capital Markets, which currently has nine offices in India, is planning to open a few more offices in the North East, Uttaranchal and Chandigarh.

"We are trying to spread our reach both geographically and otherwise, in India and internationally. In India, state governments are coming up with more and more projects, and we want to be a part of that," he said.