State Bank of India (SBI) is open to overseas acquisitions in case there is synergy in businesses.
“It should fit into our environment, public sector culture, business, our clientele... If that kind of opportunity (for foreign acquisition) is there, we will see,” SBI Chairman OP Bhatt said.
“If some good (overseas) opportunity is there, we may look at it seriously,” he said.
Bhatt also said the bank itself had a huge international network, and added that its global operations contributed about 14 per cent to the topline at the moment.
During 2008-09, its international credit portfolio increased 54 per cent to Rs 86,267 crore, against Rs 56,196 crore in the previous year.
At the end of March 2009, the bank had a network of 92 offshore offices spread over 32 countries covering all time zones. The 92 offices comprise 37 branches, five sub-offices, eight representative offices, 35 branches of subsidiaries, three managed exchange companies and four joint ventures. The bank along with its subsidiaries and joint ventures abroad, has opened nine outlets, including full-fledged retail operations, in Singapore last year.
