State Bank of India
‘State Bank of India (SBI), with a 200 year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Government of India is the single largest shareholder of this Fortune 500 entity with 61.58% ownership. SBI is ranked 60th in the list of Top 1000 Banks in the world by "The Banker" in July 2012.
The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India and SBI was created by an act of Parliament to succeed the Imperial Bank of India.
The SBI group consists of SBI and five associate banks. The group has an extensive network, with over 20,000 plus branches in India and another 189 offices in 35 countries across the world. As of 31st March 2013, the group had assets worth USD 392 billion, deposits of USD 299 billion and capital & reserves in excess of USD 23.03 billion. The group commands over 23% share of the domestic Indian banking market.
SBI’s non- banking subsidiaries/joint ventures are market leaders in their respective areas and provide wide ranging services, which include life insurance, merchant banking, mutual funds, credit cards, factoring services, security trading and primary dealership, making the SBI Group a truly large financial supermarket and India’s financial icon. SBI has arrangements with over 1500 various international / local banks to exchange financial messages through SWIFT in all business centres of the world to facilitate trade related banking business, reinforced by dedicated and highly skilled teams of professionals.’
State Bank of India, Colombo
State Bank of India, Colombo is operational since1864. It was earlier a branch of Bank of Hindustan, which was taken over by Bank of Madras in 1867. In 1921, Bank of Madras was merged with the Imperial Bank of India. Subsequently in 1955, Imperial Bank of India became State Bank of India.
The branch was mainly opened to handle the business of export of coffee and the Government business. The branch with its 149 years of significant presence in Sri Lanka, is the oldest bank in the country. The branch is located in a heritage building in the Fort area of Colombo, which is the financial hub of Sri Lanka. The branch is fully equipped with modern technology and with modern communication facilities such as SWIFT etc. All the Branches are networked with each other. It's catering mainly to the Corporate and Retail clients and the product range from all types of deposit accounts, financing working capital, term loans, vehicle loans, housing loans and trade finance.
The Strengths of the Bank
Commanding unsurpassed respect and legacy in the Indian financial market; the Bank is committed to offering you total financial solutions which will create value for money in all your business dealings. While the bank is strongly positioned to structure financial packages that anticipate the changing business environment, its vast network of branches - the world's largest - ensures delivery channels of unmatched reach, both in India and abroad. We are celebrating 149 years of useful contribution to the Island nation and you can surely bank on us for all your financial needs.