SBI opens two more branches in South Africa

India's largest bank State Bank of India (SBI) has opened two more branches in South Africa, one in Chatsworth and the other in Laudium (Pretoria), said a press release issued by the bank on Thursday.

SBI already has five branches in South Africa-Johannesburg, Durban, Cape Town, Port Elizabeth and Lenasia. SBI, with its own ATM cards and internet banking facility, is the first and only international bank to start retail operations in South Africa.

The increasing trade between India and South Africa, growing political and economic ties between the two nations and the admission of South Africa to the BRIC comity of nations provided the impetus for SBI's expansion into South Africa, said Geevarghese Vaidyan, regional head (Africa) of SBI. 

Apart from South Africa, SBI's presence in the African continent extends to Mauritius, Nigeria, Egypt and Angola. SBI is in the process of setting up its wholly owned subsidiary bank in Botswana and is keenly looking to expand to other growing economies of the African continent.