SBI commences operations in Qatar

13 Dec 2011 Evaluate

State Bank of India (SBI), the nation's largest lender, in a bid to expand its footprint overseas has commenced operations in Qatar by opening a branch in the Qatar Financial Centre, Doha. The minister of state for external affairs E Ahmed formally inaugurated the branch in presence of the SBI managing directors and group executives.

The branch will deal in local as well as foreign currencies and will offer services to HNIs and business customers like corporate clients. The branch aims at contributing to the growth of trade between the two nations in addition to extending a bouquet of services like project finance, syndication, trade finance among other products to Qatari corporates.

The Qatar Financial Centre (QFC), established in March 2005, is a business and financial centre located in Doha, providing legal and business infrastructure for financial services.

The State Bank has over 13,700 branches and 170 overseas offices spanning 34 countries. The bank’s net profit for the quarter has registered growth of 12.36% at Rs 2,810.43 crore whereas the same was at Rs 2,501.37 crore for the quarter ended September 30, 2010.  Bank’s total income has increased by 23.44% at Rs 29,394.32 crore for the quarter under review whereas the same was at Rs 23,813.30 crore for the corresponding of the previous fiscal.

SBI Share Price

820.95 8.45 (1.04%)
23-Dec-2024 16:59 View Price Chart
Peers
Company Name CMP
SBI 820.95
Bank Of Baroda 246.25
Canara Bank 101.10
PNB 101.40
Union Bank Of India 119.20
View more..
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt. Ltd.