The State Bank of India (SBI), which traces its roots back to 1806, was transformed from the Imperial Bank of India by the Indian Parliament’s enactment of the State Bank of India Act in 1955.
The State Bank Group is the largest banking group in India. Effective April 1, the Bank has merged its five associate banks, the State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore, as well as the Bharatiya Mahila Bank.
With this mega-merger SBI has again displayed its ability to change and evolve to continue as the champion among banks in India and will join the league of top 50 banks globally in terms of assets.
The combined entity will enhance productivity, mitigate geographical risks, increase operational efficiency and drive synergies across multiple dimensions while ensuring increased levels of customer satisfaction.
SBI has a network of 193 foreign offices spread across 35 countries covering all major time zones. The bank’s present overseas expansion policy has an ambitious approach of separating potential areas for expansion into India-lagging and India-linked geographies. India-lagging countries are those in which the economy in general, and the banking sector in particular, is less developed than that in India.
The largest presence of SBI is in Asia where it has 131 offices in 20 countries, including developed countries in the Asian region such as Singapore, Hong Kong, Japan and South Korea.
In Europe, SBI’s largest branch presence is in Britain followed by Germany, France and Belgium. SBI has four offices in the U.S. where it also operates a subsidiary, SBI California.
Additionally, SBI has a subsidiary in Canada, as well as a branch in the Bahamas. SBI’s branch in Sydney caters to the needs of clients in Australia and New Zealand.