SBI Makes A Big Banking Move In America's Texas, Opens First SBIC Branch Outside California As Foreign Advances Soar 23% To ₹8.31 Lakh Crore
Mumbai: State Bank of India (SBI) has expanded its international banking operations with the inauguration of a new SBIC Bank branch in Frisco, North Dallas, Texas, strengthening its presence in the United States. SBI Chairman Challa Sreenivasulu Setty inaugurated the branch, marking the first expansion of its wholly owned US subsidiary beyond California. US Expansion The new Texas branch takes…
Mumbai: The State Bank of India (SBI) has announced the opening of its first SBIC Bank branch outside California, located in Frisco, North Dallas, Texas. This expansion solidifies the bank's position in the United States, following a 23% rise in foreign office advances to ₹8.31 lakh crore. SBI Chairman Challa Sreenivasulu Setty officially inaugurated the Texas branch, which will cater to the needs of individuals, professionals, entrepreneurs, and businesses in the Dallas region.
The new facility will provide retail deposits, commercial lending, international remittances, and specialized Non-Resident Indian (NRI) banking services. As of now, SBI operates eight branches in the United States, alongside three direct branches in New York, Chicago, and Los Angeles, and a representative office in Washington DC.
The bank's overseas network spans 245 points of presence in 29 countries, extending correspondent banking relationships to 222 banks across 56 nations. SBI's global digital banking platform, YONO Global, operates across 14 foreign offices and subsidiaries. The bank's foreign office advances climbed by 22.86% year-on-year to ₹8,31,332 crore during the September quarter of FY27, while foreign office deposits increased by 22.61% to ₹2,83,319 crore.
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