SBI opens two new branches in South Africa

SBI opens two new branches in South Africa

India's largest bank SBI has opened two new branches in South Africa to tap business opportunities being provided by growing trade between the two countries.

The branches have been opened in Chatsworth and Laudium (Pretoria), State Bank of India said in a statement.

SBI already have five branches in South Africa -- Johannesburg, Durban, Cape Town, Port Elizabeth and Lenasia.

SBI provides banking services in South Africa with its own ATM cards and Internet banking facility.

"The increasing trade between India and South Africa, growing political and economic ties between the two nations and the admission of South Africa to the BRIC comity of nations provided the impetus for SBI's expansion into South Africa," SBI Regional Head, Africa, Geevarghese Vaidyan said.

Besides South Africa, SBI has its international operations in Mauritius, Nigeria, Egypt and Angola.

The bank is also in the process of setting up its wholly owned subsidiary in Botswana and looking to expand to other growing economies of the African continent, it added.