SBI expands US network with first 'SBIC Bank' branch in Texas
State Bank of India (SBI), India's largest lender, has expanded its US presence with the inauguration of a new branch of its wholly owned subsidiary, SBIC Bank, in Frisco, North Dallas, Texas -- the bank’s first branch outside California -- according to a statement on Saturday.
The branch was inaugurated by SBI Chairman Challa Sreenivasulu Setty, taking the US branch network of SBIC Bank from seven to eight, the bank said in a statement.
The expansion is aimed at strengthening SBI's presence in the strategically important US market and catering to the banking needs of individuals, professionals, entrepreneurs and businesses in the Dallas region.
Moreover, the new branch will offer personal and business banking services, including retail deposits, commercial lending, remittances to India and other countries and specialised services for non-resident Indians (NRIs).
“The inauguration of SBIC Bank's Texas branch marks a significant milestone in SBI's international growth journey,” Setty said.
The expansion beyond California reflects the bank's commitment to strengthening its presence in key markets, serving local communities and the Indian diaspora, and supporting the banking requirements of individuals and businesses, he added.
The move also reinforces SBI's role in deepening financial and economic ties between India and the US, Setty said.
Apart from the eight SBIC Bank branches, SBI operates three direct branches in New York, Chicago and Los Angeles along with a representative office in Washington DC.
In addition, the PSU bank has an international network of 245 overseas points of presence across 29 countries, including branches, sub-offices, representative offices, foreign banking subsidiaries and joint ventures.
Its global operations are supported by correspondent banking relationships with 222 banks across 56 countries.
Apart from that, the bank's YONO Global digital banking platform is available across 14 foreign offices and subsidiaries.
SBI's foreign advances grew 22.86 per cent year-on-year to Rs 8,31,332 crore in the quarter ended September 30, while deposits mobilised through foreign offices rose 22.61 per cent to Rs 2,83,319 crore, the statement said.
