SBI's first Saudi branch in Jeddah soon

State Bank of India (SBI), which got a licence from Saudi Arabian Monetary Agency (SAMA) last year to open its full-fledged branch in the kingdom, will open its first branch in Jeddah soon.

J Parameshwarappa, general manager, SBI (Saudi Arabia), has inked the building lease, and the branch will be located at Al-Andalus Plaza on Sitteen Street in Jeddah.

The bank has, in recent years, sought to expand its overseas operations by buying foreign banks, launching new products and services for foreigners and the Indian diaspora as well as opening new branches in different countries including the Gulf states.

The bank's branch here will go a long way in meeting the requirements of businessmen and Indian expatriates. The Indian community has welcomed the SBI branch in Jeddah.