State Bank of India to spend big on acquisition

State Bank of India to spend big on acquisition

The government owned State Bank of India has announced their plans to spend big on acquisitions. SBI has revealed that it will spend up to US dollar 100 million for acquiring a small or medium sized bank.

SBI Chairman A K Purwar said in a statement on this new initiative: “We are willing to spend around USD 100 million for acquiring a small or medium sized bank.” They are identified a potential bank for acquisition based in neighboring Bangladesh.

SBI has already acquired banks in Mauritius, Indonesia, and Kenya last year and are also interested in having a presence in the Pakistan market. Purwar added on this: “Pakistan is the only country in the SAARC region where we do not have a branch now. We would love to go back to Pakistan. Once we get the approval from domestic authorities, we shall go and approach the Pakistan government for their approval.”

SBI is also working on establishing a presence in Singapore.