State Bank of India (SBI) has announced that
it wants to expand its retail banking business worldwide through
both organic and inorganic growth.
The bank said it wants to generate a quarter
of its total business revenues from its overseas network by
2013.
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The bank’s overseas businesses currently
contribute 16% of the total group revenues, up from 12% in
2009.
The bank said the growth in overseas revenues
contribution was spurred by the bank’s entry into the Singapore
market.
The bank said it wants to grow its global
retail banking with a focus on markets in Bangladesh, Bahrain,
South Africa, the UK, Canada and the US.
The bank revealed that it was eyeing another
bank in Indonesia, where it had acquired PT Bank IndoMonex in 2006,
but did not disclose further information.
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