State Bank of India (SBI) is now planning to expand its operation in Sri Lanka. The bank is now planning to open two new branches in Sri Lanka. This will make up a total of three SBI branches in Sri Lanka including the one branch based in Colombo.
The main target of SBI is to reap the benefits from the ‘Indo-Sri Lanka Free Trade Agreement.’ SBI Chairman O. P. Bhatt said that Sri Lanka is one of the growing markets in South Asia which had prompted them to increase the number of braches to strengthen Sri Lanka operations.
Daily News reports:
He said their main focus is on the free trade agreement between the two countries. Initially, they will set up two SBI branches shortly to serve Indian customers, Indians living in Sri Lanka and other customers more effectively and efficiently.
At present SPI operates only one branch in Colombo. This will expand to three with the opening of two branches shortly.
Bhatt, attending the Indian Banking Conference in Hyderabad on Friday organised by the Indian School of Business (ISB) under the theme on “Economic and Social Responsibilities of Indian Commercial Banks: Is There a Healthy Compromise,” said the Indian public sector is a little handicapped to compete with the vibrant private sector banks in India.
State Bank of India is currently the largest bank in India. Ranked 495 in Forbes Fortune 500 list, the bank has 67 branches in 29 countries around the world. The services of the bank includes corporate lending, loan syndications, merchant banking, handling Letters of Credit and Guarantees, short-term financing and collection documentary credits and remittances.
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