Source:Business Line :N K Kurup:Priya Nair:Mumbai, Dec. 2:2010
Mr O. P.Bhatt, Chairman, State Bank of India, wants to move the headquarters of the bank's international business outside India and also induct people of international eminence on SBI's board. This is part of the bank's larger strategy to become India's multinational bank.
“Though we have the largest international footprint (among Indian banks), we are not an international bank in many ways,” Mr Bhatt told Business Line.
“We are looking at it not only in terms of our balance-sheet, but for our ability to help in a cross country environment. We want to provide Indian corporates the entire gamut of services for their overseas business — whether it is raising bonds or money, advising and mergers and acquisitions,” he said.
Currently, overseas operations contribute to 12-15 per cent of the bank's profits and the aim is to increase it to 25 per cent over three-four years.
SBI currently, has 150 offices outside India. It is in the process of setting up regional structures or hubs across the world, each of which would be responsible for the administration and other operations of a certain geographical area.
The overseas branches then would not need to report to the Chief General Manager in charge of international operations in India.
There would be six-seven such hubs, including in New York, London, Frankfurt, Hong Kong, and Dubai. Dhaka will have a separate country head.
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