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| Friday, 13 February 2004 |
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SBI chairman here on expansion drive The Chairman of State Bank of India Arun Kumar Purwar, arrived in Colombo on a two-day visit to examine expansion opportunities here. Purwar has been SBI's Chairman since November 2002.
During his stay in Colombo the SBI chief met Finance Minister K.N. Choksy, High Commissioner of India to Sri Lanka Nirupam Sen and Central Bank Governor A.S. Jayawardena. SBI hosted its top customers and business heads at a reception at the Ceylon Continental Hotel. The new strategy of SBI here would be to maximise business growth following the peace process and resultant opportunities, increasing Indo-Lanka trade ties as well as boom in the South Asian region. Outlining his vision for SBI, Colombo he said that as a first leg of the expansion program a branch in Kandy will be opened. Further the bank will introduce new products and services which have been successful in India, ensure upgradation of technology to become more efficient and competitive and be perceived as a strong local bank. State Bank of India (SBI), the oldest bank serving the island since 1864 has the largest network of over 9000 branches and 4,483 branches of Associate Banks in India apart from over 52 overseas office. Dubbed as the flagship of Indian banking, SBI is the only Indian bank which is among the top 200 banks in the world and top 20 in Asia. Its total assets are worth US$ 79.15 billion and deposits of US$.62.3 billion. SBI recorded a net profit of US$.654 million during 2002-03. |
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