SBI to expand global operations

With a view to meet the growing needs of foreign customers, the State Bank of India has formulated an ambitious programme to expand its operations in many countries, including the United States and South Africa.

"The bank has decided to expand its operations in Canada, the United States, Asia and South Africa to meet the growing needs of foreign customers, in addition to conducting retail operations," Arun Kumar Purwar, chairman, SBI said while inaugurating the fifth SBI branch in Toronto.

The bank had 52 foreign offices in 34 countries, and the focus of these offices was India related business, he added.

Speaking on the occasion, Shyamla Cowsik, High Commissioner of India in Canada, said India was a great destination for trade and investment.

Describing India as a "land of opportunities", she said the opening up of the Indian economy to foreign investment, the extensive financial and monetary reforms, and the dramatic growth of Indian capabilities in information technology, biotechnology, space technology, electronics, telecommunications and pharmaceuticals, have created a climate that had made India extremely attractive to foreign investors.

Canadian companies could invest in India in the information and communication and financial service sectors, the High Commissioner said, and added some Canadian banks were exploring the possibility to set up business in India.

Top executives of leading Indian, and Canadian companies attended the function.