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Profile
India’s oldest and biggest bank
The State Bank of India is undergoing a momentous
transformation. The country’s oldest bank, its largest
commercial bank and one of the Top 100 Banks of the world
is today stirring out of its public sector legacy and rapidly
changing lanes to give the private and foreign banks a run
for their money.
The 210-year-old public sector behemoth boasts key entities
in the entire financial spectrum of India, is a financial
conglomerate with over 19 000 branches and 215 000
employees – and is on a global mission to become a truly
international bank, offering a full spectrum of services to all.
A government of India undertaking, with the government
owning 59% of the equity and the balance widely held by
public, the State Bank of India (SBI) is headed by Arundhati
Bhattacharya, the first woman to lead an India-
based company. The multinational’s vast domestic presence
is complemented by its international network of about 198
offices in 38 countries. Guided by the overarching principle
of supporting global Indian Corporates and Indian Diaspora
worldwide, the bank has expanded its international operations
to also target the local populace and has dedicated a separate
business unit, the International Banking Group, to this
endeavour.
Unlocking South Africa’s banking potential
With SBI’s International Banking Group having identified
South Africa as a priority market, the bank launched its South
African operations with a branch in Johannesburg in 1996,
catering mainly to the needs of corporate clients and the
Indian community. Today, the State Bank of India has seven
offices and branches in the country.
“In view of the steady and encouraging growth in Indo-SA
trade, South Africa’s position as a middle income emerging
market economy, its key economic indicators and the large
presence of Non-Resident Indians and Persons of Indian
Origin population at many centres, the opening of sub-offices
in Chatsworth, Laudium, Pietermaritzburg and Port Elizabeth
was considered primarily to work as marketing arm of
Johannesburg and Durban branches to ease transactions on
various levels”, says Regional Head and CEO of State Bank
of India, South Africa (SBI SA), Y Suresh Bhat.
Boutique banking services
SBI SA is fully equipped as a one-stop shop providing a
bouquet of financial products and services for large, medium
and small customers.
“Our primary focus is corporate customers, and growth
through syndicated and bilateral loans to Indian companies
established or planning to establish their presence in South
Africa or other African countries and other local companies,”
explains Bhat.
SBI SA’s product range for corporate customers include
Business Loans, Project Loans, Loan Syndications, Loans to
Professionals, Export/Import Finance, Trade Finance including
Letters of Credit, Buyer’s/Supplier’s Credit, Guarantees,
Foreign Exchange, Forward Exchange Contracts, and more.
“We offer excellent personalised service to our clients,” says
Bhat proudly. “For retail customers, apart from other regular
services, we offer an Online Remittance facility, which is
extremely reliable, efficient and secure. The Exchange Rate
offered to corporate and retail customers are also highly
competitive and service charges for various forex services
are comparatively low.”
State Bank of India South Africa: Offspring of aBanking Giant By Lucinda Jordaan
1 1India & South Africa - Trade and Investment Partners
Mrs. Arundhati BhattaCharya
Chairman
“SBI SA is fully equipped as a one-
stop shop providing a bouquet of
financial products and services
for large, medium and small
customers.”
1 1India & South Africa - Trade and Investment Partners
Committed to South Africa
While SBI SA’s core focus has been on offering trade and
corporate finance services to companies in the automotive,
infrastructure, mining, power and energy and industrial
markets, amongst others, the bank has extended its client
reach to include all South Africans and has diversified its
books to expand its African footprint, with the aim of
increasing its asset base to R10 billion.
“We have consistently made a profit in South Africa while
complying with all the local regulations. Our balance sheet
has been growing consistently, as has our market share,”
notes Bhat. With such positive results, the bank is dedicated
to contributing to the country’s growth. “We are committed
to become one of the reliable partners to foster sustained
economic growth in South Africa. In all of South Africa’s
endeavours to move further on the path of sustainable
growth, SBI SA is committed to offer its support; our
commitment to South Africa is deep and long-standing.”
Creating jobs and being socially responsible
SBI SA contributes directly and indirectly to creating job
opportunities in the country. The bank not only facilitates
the generation of employment opportunities in South Africa
by granting loans and providing financial services to large
number of corporate customers, but half its staff complement
of about 60 are South Africans.
This multinational is arguably also one of the most socially
responsible brands, with a host of awards to prove it.
“Responsiveness to the needs of the society and responsibility
to meet those needs is ingrained in the ethos of our Bank,”
declares Bhat. “CSR is not an isolated practice or initiative
for the Bank but runs through its entire business paradigm,”
he adds, pointing out that The Bank has a comprehensive
Corporate Social Responsibility (CSR) Policy, approved by
the Executive Committee of the Central Board, and has had
various social, educational, environmental, health and welfare
initiatives and activities embedded in its practice since 1973.
Among its various accolades the State Bank of India has
been awarded include: a Magna Awards 2015 as Socially
Responsible Bank by Business World Magazine; a Golden
Globe Tigers Award by World CSR Day for Excellence &
Leadership in CSR as well as one for Innovations in CSR
Practices; a Golden Peacock Award for CSR by the Institute
of Directors, New Delhi; an Environmental Sustainability
Award 2014 by BFSI Magazine; an Asia Sustainability
Excellence Award 2014 by World CSR Congress and a Best
in Class Corporate Social Responsibility Practices Award
2014 by CMO Asia.
“South Africa has a solid infrastructure … and offers abundant opportunities to any businesses that have
a long term view of investing here, and also acts as launch pad for further growth in other African countries.”
1 1India & South Africa - Trade and Investment Partners
A regional roadmap to Africa
While it is true that the South African economy has slowed
in the last few years, SBI SA has grown at a consistent pace
and is confident of its future in the region. “We are positive
about the country’s resilience and the competency of and
entrepreneurship of its corporates, and our goal is to become
a player to be reckoned amongst our peer group in the local
banking industry,” says Bhat.
“South Africa has a solid infrastructure in terms of good
roads, ports, transportation facilities, well-developed financial
institutions and capital market. The country is well-connected
by road with the neighbouring countries and by way of sea
routes to other East and West African countries sharing
Indian Ocean and Atlantic Ocean waters, and through air
routes with most developing African countries. It offers
abundant opportunities to businesses who have a long term
view of investing here, and also acts as launch pad for further
growth in other African countries,” concludes Bhat.
“The bank not only facilitates
the generation of
employment opportunities in
South Africa by granting
loans and providing financial
services to large number of
corporate customers, but half
its staff complement of about
60 are South Africans.”