State Bank of India plans South Korea operations

SBI is also seeking to acquire an Indonesia bank in cash deal not exceeding US$100mln.

In a bid to expand its overseas presence, State Bank of India is planning to set up its operations in South Korea, Sao Paulo and Botswana this year.

"The bank is looking at opening a representative office in Brazilian city Sao Paulo and a full service branch in South Korea," a senior official of SBI told media. Besides, the bank is also planning to set up a subsidiary in Botswana, the official said. 

The country's largest lender is in the process of seeking regulatory approval for setting up operation in the respective country. SBI now has 151 offices across 32 countries, including the US, the UK, Singapore, Canada and Mauritius. 

The focus of these offices is India-related business, the official said, adding, the overseas operations take care of international needs of the bank's foreign customers, in addition to conducting retail operations. At present, the bank's overseas business contributes about 16 per cent to the bank's total business. 

The number of foreign offices increased from 92 as on March 31, 2009, to 142 as on March 31, 2010, spread across 32 countries. The bank increased its stake from 50 per cent to 55 per cent in Nepal SBI Bank Ltd during the financial year 2010, making it the bank's sixth foreign banking subsidiary. 

View the full story in The Economic Times.