State Bank of India (SBI) was looking at more overseas acquisition in developing countries, T S Bhattacharya, managing director, SBI said here today. |
Speaking on the sidelines of the bicentennial celebration of the bank Bhattacharya said, "We will have a substantial advantage in developing countries. Any acquisition that might take place would surely be the developing countries." |
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SBI was looking at countries with large Indian population, he added. No further details in this regard was available. Meanwhile, SBI was looking at extending its overseas presence. |
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"SBI was looking at 125 overseas offices. It might be a combination of representative office, subsidiary office, branch office amongst others," Bhattacharya added. |
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There has not been any time target as it involves several permission, he explained. |
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Currently, SBI has 62 overseas offices, he informed. Speaking of domestic mergers, Bhattacharya confirmed that SBI was not discussing with any Indian banks for possible mergers or acquisition. |
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SBI was hoping a roll back of the recent increase of reverse repo rate. Bhattacharya, who was present in the bankers meeting with finance minister P Chidambaram on February 6, said, "The recent hike in the short term reverse repo rate by 25 basis point has increased cost of borrowing. At the same time, FM has insisted on soft interest regime. We are hoping that there might be a roll back in this reverse repo rate hike." |
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He admitted there has not been any commitment from Reserve bank of India, nor has there been any time target set for the matter. The bank was comfortable with the liquidity in the market, he said. |
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Referring to the credit requirement in recent years Bhattacharya informed that in infrastructure sector alone, the credit requirement would be more than Rs 1,00,000 crore. |
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