The State Bank of India has widened its US presence. SBIC Bank, its wholly owned US subsidiary, has opened a branch in Frisco, North Dallas, Texas. SBI Chairman Challa Sreenivasulu Setty inaugurated it. It is SBIC Bank's first branch outside California.
Services
- Specialised NRI banking
- International remittances
- Retail deposits and commercial lending
SBI in the US
Free Press Journal reports the branch takes SBIC Bank from seven to eight US branches. SBI also runs three direct branches in New York, Chicago and Los Angeles, and a representative office in Washington DC. The chairman said the step strengthens SBI's presence in key markets while serving local communities and the Indian diaspora.
SBI abroad, in numbers
SBI has 245 overseas offices in 29 countries. In the September quarter, advances at its foreign offices rose 22.86% to ₹8,31,332 crore and deposits rose 22.61% to ₹2,83,319 crore.
