It will also re-engineer its business processes next year, following the recommendations of consultancy firm McKinsey & Co.
The bank is looking at increasing the number of branches abroad from 49 to 70. With these new branches, it plans to move into 35 countries (it now has a presence in 28).
The entire exercise will be taken up in the next one-and-a-half years. The foreign branches made a net profit of Rs 109.90 crore in 2002-2003.
SBI is opening new branches in Bangladesh, Sri Lanka and the UK. It plans to enter countries in the Middle East and Africa.
The bank has already submitted an application to convert its representative office in Shanghai into a full-fledged branch.
