Thursday, June 17, 2010

SBI overseas branch network increased by 50%

The country’s largest public sector lender State Bank of India (SBI) has opened more overseas branches and its branch network has increased by almost 50%, even after the global financial crisis, informed a top official. SBI chairman OP Bhatt in its 55th Annual General Meeting said, “As we have spread our overseas branches across 32 countries in the world, we have increased our foreign office branches from 92 as on March 31, 2009 to 142 as on March 31, 2010.”

During the fiscal, bank opened six new overseas offices at Clementi, Marine Parade and Toa Payoh in Singapore, Kowloon in Hong Kong, Harrow in the UK and Lenasia in South Africa, and one branch by the bank’s wholly owned USA subsidiary, SBI (California ) Ltd, at Washington DC. Moreover bank opened overseas subsidiaries offices in Bank SBI Indonesia (5 offices), Nepal SBI Bank (3 offices) and SBI Mauritius (1 office).

The SBI chief told, “We have also increased our stake from 50 per cent to 55 per cent in Nepal SBI Bank, during the FY2010, making it the bank’s sixth foreign banking subsidiary”.

Monday, June 7, 2010

RBI gives nod for SBI & State Bank of Indore merger

SBI & State Bank of Indore merger gets approval of RBI

Finally the merger of State Bank of India and its associate, State Bank of Indore has got clearance from the Reserve Bank of India. According to sources the central bank has given its approval for the merger.

But SBI has not yet given any official confirmation about this.

Last year, the merger of SBI and State Bank of Indore was approved by the central board of the bank and later, the Centre also gave in-principle approval to the proposal. At present SBI have 98 per cent stake in State Bank of Indore.
Thus for the merger SBI has announced a share swap ratio of 34:100 for the merger. It has agreed to give 34 shares of SBI for every 100 shares of State Bank of Indore held by minority shareholders. For this purpose, SBI will be issuing up to over 1.

Thursday, June 3, 2010

SBI sanctioned diary loan to farmers at credit camp

In Patna, the Danapur branch of the State Bank of India (SBI) organized a credit camp for dairy finance on the occasion of “World Milk Day”. In this camp bank sanctioned dairy loan to the farmers. The camp was attended by large number of farmers from neighboring areas.

On the occasion Patna Dairy Project MD Sudhir Kumar Singh highly-praised the pro-active role of SBI in dairy finance and assured to give full support to the bank in making its initiative successful in future.

In the camp bank sanctioned dairy loan of Rs 95 lakh to around 102 farmers in the presence of S K Singh, AGM (AGL), LHO, Patna. Other senior bank officials present on the occasion included Saloni Narain, A Banerjee and Biren Singh.