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State Bank of India (SBI) plans to open nearly 100 new branches abroad in the next two years, half of them by end of the current financial year itself, Mr Pratip Chaudhuri, Chairman, said here on Tuesday.
At present, SBI has 165 branches in various countries. It now plans to have eight more branches in London, besides new ones in Nepal, Singapore, Australia, New Zealand, Saudi Arabia and Qatar by this fiscal-end, he told reporters after the annual conference of the largest Indian bank’s chief general managers (CGMs).
As part of its expansion plans in the domestic market, SBI would open around 750 new branches and add 5,000 ATMs per annum in the next two years.
Asked about any more possible mergers of subsidiaries with SBI, Mr Chaudhuri said the mergers of the Saurashtra and Indore subsidiaries in 2008 and 2010, respectively, had made the Ahmedabad and Bhopal Circles of SBI “too big.” A merger takes about two years to stabilise. “Currently, we are not looking at any new mergers. However, after 2012, we would look at the issue afresh.”
Replying to a question about MF Global filing for bankruptcy, he said no Indian entity seems to be exposed to the European crisis. However, in the long run, it could be a matter of concern if European banks continue to fail.
About non-performing assets (NPAs), the SBI Chairman said these have come down from 1.63 per cent to 1.61 per cent in the first two quarters of the current fiscal. The SBI board of directors will meet on November 9 to discuss the issue in its totality.
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