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State Bank of India STATE BANK OF INDIA Company Background State Bank of India in Arab World The State Bank of India (SBI) was incorporated in SBI has branch offices in Bahrain and Oman, and June 1806 as the Bank of Calcutta, which was later a representative office in Egypt. It manages renamed as the Bank of Bengal. In January 1921, exchange companies in Qatar, Oman and the UAE. the Bank of Bengal was amalgamated with the Bank of Bombay and the Bank of Madras to form the SBI in Bahrain Imperial Bank of India. In 1955, the Reserve Bank In 1976, SBI opened a representative office in of India (RBI) acquired a controlling stake in the Bahrain, which was upgraded to an offshore Imperial Bank of India, which was renamed as the banking unit in 1977. In 2005, SBI embarked on State Bank of India in April 1955. SBI was India's a US$ 10-million Gulf Air expansion project in first nationalised bank.With the passing of the SBI Bahrain.The bank has invested US$ 15 million in (Subsidiary Banks) Act in 1959, SBI took over eight its first commercial branch in Bahrain, which will former state-associated banks as its subsidiaries. be operational by the end of 2006. It would include Currently, SBI has 13 subsidiaries, 8 associates and an onsite ATM that would in due course be nearly 200,000 employees. connected to all SBI ATMs in GCC countries and 7,000 other ATMs in India.This is SBI's second SBI is the largest bank in India.As on 31 March overseas commercial branch in the Middle East, 2006, it had 70 overseas offices across after the one in Muscat. It would have 30 countries. It has correspondent banking 27 employees. SBI has designated its Bahrain office relationships with 520 international banks in as the headquartersof its operations in the Middle 123 countries.The bank also has nearly 1,100 East,West Asia and North Africa. Bilateral Key Exchange arrangements for SWIFT, enabling the flow of financial messages covering SBI in Qatar trade, remittances, etc. SBI operates as an exchange company in Qatar. In October 2006, the bank signed an electronic SBI offers a wide range of services to its fund transfer agreement with Doha Bank. SBI customers, including personal banking, agricultural Capital Markets and Doha Bank signed two banking, NRI banking, international banking, memoranda of understanding to provide project corporate banking, e-banking, SME banking, etc. financing and project management services to In FY 2005-06, the bank earned total revenues of Qatar's corporate community. Doha Bank also nearly US$ 9.3 billion, up from US$ 8.8 billion in markets the mutual funds floated by SBI in the the previous year. It generated 6.5 per cent of its Middle East. revenues from overseas operations. 66 SBI in Oman Adoption of New Technologies SBI began its branch operations in Muscat, Oman, SBI Bahrain aims to install new IT and modern in May 2004 with a capital of US$ 13 million. For communication systems. this purpose, it leveraged the agreement between the Sultanate of Oman and the World Trade Organisation, which permitted foreign banks to enter the Oman market. SBI was the second Indian bank to establish operations in Oman after the Bank of Baroda, which entered Oman in 1976. Factors for Success Focus on Organic Growth In the Middle East, SBI opened an office in Bahrain almost 30 years ago. It also began its operations in other Middle Eastern countries by opening branches, representative offices and providing exchange services. SBI has always focussed on increasing its domain expertise, and it has increased its presence in almost all major financial services offerings. Strong Brand Equity SBI has been leveraging its wide presence and strong brand image in the Indian market to expand its operations abroad. It has tapped a vast segment of the NRI customers in the Arab world. Since 1976, the bank's Bahrain operations have proved its capabilities in providing financial services in overseas markets. SBI's global brand image has enabled it to win goodwill and trust from governments and financial institutions in other countries. Future Plans Expansion Plans SBI has major expansion plans in the Middle East. The bank has invested US$ 15 million for opening a branch office in Bahrain. It is planning to increase its presence in the Middle East by establishing new branches all across the region, including the UAE, Saudi Arabia, etc. 67.
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  • State Bank of India
    State Bank of India State Bank of India Type Public Traded as NSE: SBIN BSE: 500112 LSE: SBID BSE SENSEX Constituent Industry Banking, financial services Founded 1 July 1955 Headquarters Mumbai, Maharashtra, India Area served Worldwide Key people Pratip Chaudhuri (Chairman) Products Credit cards, consumer banking, corporate banking,finance and insurance,investment banking, mortgage loans, private banking, wealth management Revenue US$ 36.950 billion (2011) Profit US$ 3.202 billion (2011) Total assets US$ 359.237 billion (2011 Total equity US$ 20.854 billion (2011) Owner(s) Government of India Employees 292,215 (2012)[1] Website www.sbi.co.in State Bank of India (SBI) is a multinational banking and financial services company based in India. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. As of December 2012, it had assets of US$501 billion and 15,003 branches, including 157 foreign offices, making it the largest banking and financial services company in India by assets.[2] The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. Bank of Madras merged into the other two presidency banks—Bank of Calcutta and Bank of Bombay—to form the Imperial Bank of India, which in turn became the State Bank of India. Government of Indianationalised the Imperial Bank of India in 1955, with Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India.
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  • Formulation of Marketing Strategies in State Bank of India
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  • EVOLUTION of SBI the Origin of the State Bank of India Goes Back to the First Decade of the Nineteenth Century with the Establis
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  • Download General Studies Notes PDF for IAS Prelims from This Link
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  • A Study on Customer Satisfaction of Commercial Banks:Case Study on State Bank of India
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