SBI gets Fed approval for new US branch

Written by Agencies | Washington, January 26: | Updated: Jan 26 2008, 21:40pm hrs
India's largest lender SBI has received the US central bank's approval to set up a new branch in New York.

The approval for SBI comes nearly three months after ICICI Bank, largest private sector lender in the country, got approval to start its branch operation in New York.

"The proposed Jackson Heights branch (of SBI) would offer a range of banking products and services, including permissible deposit accounts and small business loans," the Federal Reserve said in an order issue late last night.

The branch would also undertake business of remittance, investment advisory and trade-related services, it said.

SBI maintains offices in 32 countries outside India and already has a branch in New York.

Besides, the Mumbai-based company has a branch in Chicago, an agency in California and a representative office in Washington.

The bank, which already had clearance from RBI for expanding its branch operation in New York, also operates a wholly-owned subsidiary from California.