India's SBI Poised To Expand In The Middle East

Vanessa Doctor

4 January 2011

The State Bank of India is set to open a representative branch in Doha, Qatar in the first quarter of this year, as part of its international expansion strategy that includes provision of wealth management services, the Qatar Tribune reports.

Details on the new office's size remain unknown but the news service said that ongoing talks on the opening of the new branch is in the final stages. SBI has a significant client base in the Gulf region, which accounts for around 25 per cent of its worldwide non-resident Indian deposit base. The Indian state bank is reportedly looking to increase its overseas presence from between 10 and 12 per cent at present to more than 25 per cent.

In an interview with the publication, Satyajit Pratap, the chief executive officer designate for the SBI branch, reportedly said that the Doha office would not only focus on building on the bank's growing India-related businesses, but also take care of the global needs of prospective clients. The branch will begin with providing wholesale banking solutions, including providing deposit and loan assistance to high net worth corporates and individuals. Retail banking services will also soon be introduced.

SBI has several branches in the Gulf, including a head office in Manama and a number of branches in Dubai, Muscat, Tel Aviv, Tehran, and Cairo.