India’s largest lender,
State Bank of India, (SBI), is to increase its domestic branch
network by opening 800 branches by March 2012.
The expansion will take
SBI’s branch network to over 14,000 outlets.
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SBI’s distribution
network totalled 13,542 branches and 20,084 ATMs at the end of the
last financial year in March 2011.
SBI managing director
and CFO Diwakar Gupta said in a statement: “We are planning to open
700-800 branches in the current financial year against 650 set up
during the last fiscal.”
Gupta added that SBI
will also grow its international network; expansion will focus on
countries neighbouring India as well as the Commonwealth of
Independent States.
Outside India, SBI
currently has 158 offices across 32 countries, including the US,
UK, Singapore, Canada and Mauritius, contributing about 16% of
group revenue.
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