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Thursday, October 18, 2012

SBI opens 2 more branches in South Africa

State Bank of India has opened two more branches in South Africa, one in Chatsworth and the other in Laudium (Pretoria).

India’s largest bank already has five branches in South Africa — Johannesburg, Durban, Cape Town, Port Elizabeth and Lenasia.

SBI, with its own ATM cards and internet banking facility, is the first and only international bank to start retail operations in South Africa, the bank said in a statement.

According to Geevarghese Vaidyan, Regional Head (Africa), SBI, the increasing trade between India and South Africa, growing political and economic ties between the two nations and the admission of South Africa to the BRIC (Brazil, Russia, India and China) comity of nations provided the impetus for SBI's expansion into South Africa.

SBI's presence in the African continent extends to Mauritius, Nigeria, Egypt and Angola.

It is in the process of setting up its wholly owned subsidiary bank in Botswana and is keenly looking to expand to other growing economies of the African continent, said the statement.


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