SBI plans expansion into South Korea, Sao Paulo and Botswana

Indian banking major, State Bank of India is planning to establish a presence in South Korea, Sao Paulo and Botswana, in the current year, in the effort to broaden its international reach. SBI plans opening a representative office in Sao Paulo, Brazil, a full service branch in South Korea, and a subsidiary in Botswana, reports suggest.

The focus of these offices is India-related business, and the overseas operations handle international needs of the bank's foreign customers, in addition to conducting retail operations, reports say.

The bank has been a long support to the Indian diamond industry. With the Indian gem and jewellery industry further enhancing its global growth, the simultaneous expansion of SBI could add in the required support.

SBI currently operates 151 offices across 32 countries, including the US, the UK, Singapore, Canada and key diamond centres like Antwerp and Israel.