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SBI to expand foreign operations


New Delhi : State Bank of India, the country’s largest lender, plans to open new branches and offices in almost 10 countries, including China, Britain and South Africa, Minister of State for Finance Namo Narain Meena said Friday.

?SBI has informed that the bank proposes to open additional branches and offices in Bahrain, Bangladesh, China, Germany, Hong Kong, United Kingdom, South Africa and Sri Lanka,? Meena said in a written reply to a question in the Lok Sabha.

He said the bank has chosen the locations based on commercial considerations and especially the presence of ethnic Indian population.

?Banks are opening their branches abroad based on commercial considerations, host country regulations, presence of ethnic Indians, reciprocity and business potential of the place,? he said.

Meena said the government would give permission to only those banks to open branches abroad who have ?capacity to survive in a competitive global market”.