SBI expands international presence, opens new branch in Texas
What's the story
The State Bank of India (SBI) has expanded its international presence by opening a new branch in Frisco, North Dallas, Texas. The new office is the first of its kind for SBI's banking subsidiary outside California. With this addition, the total number of branches operated by SBIC Bank in America has increased from seven to eight.
Growth strategy
Branch to offer a range of services
The new branch in Texas will offer a range of services, including retail deposits, commercial lending, global remittances, and specialized services for Non-Resident Indians (NRIs).
SBI Chairman Challa Sreenivasulu Setty said the opening of SBIC Bank's Texas branch is a major step forward in the bank's global expansion strategy.
He emphasized that this move is part of a broader economic partnership between India and the US.
International presence
SBI's global presence
SBI's global presence now includes 245 points of presence across 29 countries, including branches, sub-offices, representative offices, subsidiaries, and joint ventures.
The bank also has correspondent banking relationships with 222 banks in 56 countries for facilitating cross-border trade settlements and payments.
SBI's digital operations are powered by the YONO Global app, which is active in 14 international offices/subsidiaries.