SBI eyeing double digit growth in international biz

Written by Agencies | Toronto, July 31: | Updated: Jul 31 2008, 20:01pm hrs
The State Bank of India (SBI), India's largest bank, has decided to expand its global operations and expects more than three-fold increase in its international business in the next five years, its Chairman O P Bhatt said.

"The Bank expects more than three-fold increase growth in its international business from seven per cent last year to 25 per cent in next five years," Bhatt said on Wednesday while launching the bank's first debit card in Canada.

"The focus of its international business would be relating to India. We have formulated strategic plans to cash Indias emerging opportunities," Bhatt said.

The SBI (Canada) would encourage Canadian investors, particularly NRI Indians to invest in Indian market. The bank was already offering loans for NRIs to own home in India, he said.

Harinder Takhar, Ontario Minister for Small Business and Consumer Affairs commended India's efforts to expand bilateral relations and urged Canadian entrepreneurs to invest in India.

"In today's challenging economic climate, it is more important than ever that we strengthen the competitiveness of Ontario's small and medium-sized enterprises and take advantage of emerging opportunities in India," he said.

"The Export Market programme, launched by the Ontario government, will help Ontario companies enter and expand into Indian emerging market, generating prosperity here and strengthening our presence on the world stage," Takhar said.

Arun Nagaran, President and Chief Executive Officer of the SBI (Canada) said that launching of new SBI debit card would meet the demand of Indo-Canadian customers.

"Customers can now carry out banking transactions and usage choice of point of sale transactions or bank machines with flexibility," he said.