The State Bank of India is plans to double its branch network in Singapore during the current fiscal with an objective to increase global balance-sheet size. ?We currently have four branches and the bank will open another four branches during the current fiscal,? a top SBI official said. SBI Singapore collected $70 million deposits in 2008-09.
Branches of the bank are located in Cecil Street, Little India, Jurong East and Ang Mo Kio. As far as ATM is concerned, the bank has 7 ATMs in the country.
SBI got QFB status as part of reciprocal measure to allow DBS Bank of Singapore to open eight more branches in India by the Reserve Bank of India.
It is the first Indian bank to get such privileges, which enables it to establish up to 25 branches, including ATMs over a period of time. The reciprocal permission follows signing of the Comprehensive Economic Cooperative agreement between India and Singapore. Under CECA, the two countries had agreed to open up the financial sector.
Meanwhile, making changes at higher level, the bank has appointed SS Ranjan, as new chief financial officer replacing Ashok Mukand who has retired early this month.
Ranjan was earlier SBI?s finance controller.
C Ramnath, who was heading the information technology department until now, has replaced Ranjan.