India’s largest public and private sector
lenders, State Bank of India (SBI) and ICICI respectively, are
planning to grow their Canada-based businesses.
Sriram Iyer, President and CEO of ICICI Canada
said:
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“Our balance sheet size is $5.5 billion, of
which $4 billion is deposits. We have nine branches [in Canada] and
we plan to have two to three more branches within the next one year
or so.”
Meanwhile, SBI is targeting growth of its
remittance business, currently worth around $184 million and
growing at 16% per year.
Sunil Tandon, President and CEO, SBI Canada,
said:”
“We are now working on introducing online
requests for remittances. Once that is done, commission charges
will come down and our business will grow further.”
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