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He also said that over the next few years the bank is aiming to increase the share of overseas operations in its business to 25 percent from 13.5 percent, currently. In a year's time SBI is looking to add 40 overseas offices. Currently, the bank has 132 foreign offices.
SBI is looking to scale up presence in the UK by setting up five new offices in the next one year. In Nepal, SBI is planning to add 11 more branches. Other destinations SBI is looking at expanding include Canada, California, Sri Lanka, Bangladesh, Saudi Arabia, West Asia and Hong Kong.
Mr Bhatt also said that the bank plans to make London its administrative hub to control its European business. "London will be one of pillar for growth of our international operations," he said.
At present, SBI has seven branches in the UK and has balance sheet size of close to GBP3 million. He made this announcement in presence of Lord Mervyn Davies, UK's minister for trade and investments. State-run SBI is also likely to finalise its expansion plan in Singapore in the next couple of months.
SBI has received approval for opening 25 points of presence, which include branches and ATMs, under the treaty between India and Singapore. So far, the bank has opened eight offices in Singapore and it plans to add 16 more in the next one year.
As of now, India-related services dominate its overseas operations. "Going forward, we would like to have at least 25 percent of business from local non-Indian customers and balance can be connected to India," Mr Bhatt said. Talking about overseas acquisitions, Mr Bhatt said that the bank was not averse to inorganic growth.
To see more of The Economic Times, or to subscribe to the newspaper, go to http://economictimes.indiatimes.com Copyright (c) 2009, The Economic Times, India Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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